FxWirePro: Norwegian Krone rallies to 1-week peak as oil steadies
The Norwegian Krone rallied to a 10-day peak as crude oil prices surged as U.S. producers shut output in the Gulf of Mexico. Crude oil prices rose, halting a 2-day losing streak as U.S. producers had shut 1.56 million ba…
The Norwegian Krone rallied to a 10-day peak as crude oil prices surged as U.S. producers shut output in the Gulf of Mexico.
Crude oil prices rose, halting a 2-day losing streak as U.S. producers had shut 1.56 million barrels per day (bpd) of crude output, while nine refineries had shut around 2.9 million bpd of capacity, ahead of the storm.
International benchmark Brent crude was trading 1.05 percent up at $45.58 per barrel by 0944 GMT, having hit a high of $46.07 on Wednesday, its highest since August 5. U.S. West Texas Intermediate was trading 0.05 higher at $43.03 a barrel, after rising as high as $43.75 on Wednesday, its highest since March 6.
Moreover, weakness in the greenback against a basket of currencies further boosted the bid tone around the Norwegian currency.
USD/NOK trades 1.1 percent lower at 8.8057, having touched a low of 8.7976 earlier, its lowest since August 18.
Immediate resistance is located at 8.9438 (5-DMA), close above could take it till 8.9648.
On the downside, support is around 8.7739, break below could take it till 8.7542.
