FxWirePro: Norwegian Krone jumps to 2-month high as oil steadies on signs of output cuts
The Norwegian Krone advanced to an over 2-month peak as oil prices steadied on signs of output cuts. Crude oil prices held firm near recent peaks amid signs that producers are cutting output as promised while traders awa…
The Norwegian Krone advanced to an over 2-month peak as oil prices steadied on signs of output cuts.
Crude oil prices held firm near recent peaks amid signs that producers are cutting output as promised while traders await clarity on the demand as some countries ease out of lockdowns.
International benchmark Brent crude was trading 0.8 percent lower at $35.14 per barrel by 1152 GMT, having hit a high of $35.74 earlier, its highest since April 9. U.S. West Texas Intermediate was trading 0.3 percent down at $32.13 a barrel, after rising as high as $32.89 earlier, its highest since March 16.
USD/NOK trades 0.4 percent down at 9.9692, having touched a low of 9.9574 earlier, its lowest March 13.
Immediate resistance is located at 10.0919, close above could take it till 10.1389 (5-DMA).
On the downside, support is around 9.9390 break below could take it till 9.8788.
