FxWirePro: Norwegian Krone retreats from 2-week trough as crude oil rally
The Norwegian Krone surged after tumbling to a 2-week low in the prior session, as oil prices surged as storms closed in on the Gulf of Mexico. Crude oil prices rallied as storms bore down on the Gulf of Mexico, shutting…
The Norwegian Krone surged after tumbling to a 2-week low in the prior session, as oil prices surged as storms closed in on the Gulf of Mexico.
Crude oil prices rallied as storms bore down on the Gulf of Mexico, shutting more than half the region’s oil production, although ongoing concerns about demand from coronavirus lockdowns capped gains.
On Sunday, Hurricane Marco and Tropical Storm Laura tore through the Caribbean and Gulf of Mexico, forcing energy companies to pull workers from offshore platforms and shut down oil production.
International benchmark Brent crude was trading 0.9 percent up at $44.68 per barrel by 0945 GMT, having hit a low of $43.62 on Friday, its lowest since August 4. U.S. West Texas Intermediate was trading 0.9 percent higher at $42.65 a barrel, after falling as low as $41.48 on Friday, its lowest since August 10.
USD/NOK trades 0.4 percent lower at 8.9734, having touched a high of 9.0639 on Friday, its highest since August 7.
Immediate resistance is located at 9.0540, close above could take it till 9.0786.
On the downside, support is around 8.9435, break below could take it till 8.9248 (10-DMA).
