FxWirePro: Norwegian Krone off 7-month peak as crude oil eases on demand concerns
The Norwegian Krone declined, retreating from a 7-month peak as oil prices declined on demand doubts and rising supply. Crude oil prices tumbled, extending previous session losses, weighed down by doubts about demand rec…
The Norwegian Krone declined, retreating from a 7-month peak as oil prices declined on demand doubts and rising supply.
Crude oil prices tumbled, extending previous session losses, weighed down by doubts about demand recovery due to the novel coronavirus pandemic and rising supply.
The International Energy Agency and the Organization of the Petroleum Exporting Countries, two prominent forecasters, trimmed their 2020 oil demand forecasts this week.
International benchmark Brent crude was trading 0.2 percent down at $44.96 per barrel by 1140 GMT, having hit a high of $45.76 on Tuesday, its highest since August 5. U.S. West Texas Intermediate was trading 0.2 percent lower at $42.25 a barrel, after rising as high as $42.92 on Tuesday, its highest since August 5.
USD/NOK trades 0.4 percent higher at 8.9140, having touched a low of 8.8528 in the prior session, its lowest since Janunary.
Immediate resistance is located at 8.9759 (5-DMA), close above could take it till 8.9914 (10-DMA)
On the downside, support is around 8.8430, break below could take it till 8.8204.
