FxWirePro: Norwegian Krone hovers towards multi-month peak as crude oil rallies
The Norwegian Krone rose to a near 1-week peak as crude oil prices surged following a drop in U.S. crude inventories. Crude oil prices rallied to 5-month peak after the American Petroleum Institute data showed crude inve…
The Norwegian Krone rose to a near 1-week peak as crude oil prices surged following a drop in U.S. crude inventories.
Crude oil prices rallied to 5-month peak after the American Petroleum Institute data showed crude inventories declined by 8.6 million barrels in the week to Aug. 1 to 520 million barrels, compared with analysts’ expectations for a drop of 3 million barrels.
International benchmark Brent crude was trading 2.4 percent up at $45.40 per barrel by 0950 GMT, having hit a high of $45.46 earlier, its highest since March 6. U.S. West Texas Intermediate was trading 2.9 percent higher at $42.71 a barrel, after rising as high as $42.74 earlier, its highest since March 6.
USD/NOK trades 0.7 percent lower at 9.0154, having touched a low of 9.0013 on Thursday, its lowest since Jan 27.
Immediate resistance is located at 9.1310, close above could take it till 9.1530.
On the downside, support is around 9.0000, break below could take it till 8.9765.
