FxWirePro: Norwegian Krone hovers towards 1-week low as crude oil declines
The Norwegian Krone declined, extending losses for the fouth straight session as crude oil prices declined on fuel demand concerns. Crude oil prices declined amid concerns that a nascent recovery in fuel demand could sta…
The Norwegian Krone declined, extending losses for the fouth straight session as crude oil prices declined on fuel demand concerns.
Crude oil prices declined amid concerns that a nascent recovery in fuel demand could stall as a fresh wave of COVID-19 infections around the world stoked tighter lockdowns.
International benchmark Brent crude was trading 0.8 percent down at $43.50 per barrel by 1051 GMT, having hit a high of $44.43 on Monday, its highest since July 23. U.S. West Texas Intermediate was trading 0.9 percent lower at $40.40 a barrel, after falling as low as $38.74 on Thursday, its lowest since July 10.
USD/NOK trades 0.2 percent higher at 9.1403, having touched a low of 9.0013 on Thursday, its lowest since Jan 27.
The pair rallied to a 1-week peak of 9.17771 in the prior session but trimmed gains to close at 9.1235.
Immediate resistance is located at 9.1524, close above could take it till 9.1828.
On the downside, support is around 9.0806 (5-DMA), break below could take it till 9.0490.
