• The Norwegian Krone declined to a near 1-week low, as crude oil prices plunged on demand concerns. 
   
• Crude oil prices declined, weighed down by growing concerns that a recovery in fuel demand will be stalled by soaring coronavirus cases around the world.
   
• On Tuesday, the Organization of the Petroleum Exporting Countries cut its oil demand forecast, citing economic dislocations caused by the virus
   
• International benchmark Brent crude was trading 0.7 percent down at $42.16 per barrel by 1047 GMT, having hit a high of $43.54 on Friday, its highest since September 18. U.S. West Texas Intermediate was trading 0.8 percent lower at $39.85 a barrel, after rising as high as $41.44 on Friday, its highest since September 18.
   
• Moreover, a rebound in the the greenback against a basket of currencies further dented the bid tone around the Norwegian currency. 
   
• The dollar index rose as halted COVID-19 vaccine trials and lack of an agreement on additional U.S. fiscal stimulus soured risk appetite. 
   
• USD/NOK trades 0.1 percent higher at 9.2357, having touched a high of 9.2734 earlier, its highest since October 8.
   
• Immediate resistance is located at 9.2914, close above could take it till 9.3279.
   
• On the downside, support is around 9.1983 (55-EMA), break below could take it till 9.1788.