FxWirePro: Norwegian Krone retreats from 3-month peak as oil eases on fuel demand concerns
The Norwegian Krone declined, halting a 10-day winning streak as the oil prices declined from multi-month peaks. Crude oil prices declined, weighed down by the spectre of persistent oversupply in the market, although hop…
The Norwegian Krone declined, halting a 10-day winning streak as the oil prices declined from multi-month peaks.
Crude oil prices declined, weighed down by the spectre of persistent oversupply in the market, although hopes for a swift recovery in fuel demand limited the downside.
On Saturday, OPEC, Russia and other producers, a grouping known as OPEC+, agreed a 1-month extension through July of a record 9.7 million barrels per day output cut.
However, On Monday, Saudi Arabia stated that the kingdom and its allies Kuwait and the United Arab Emirates would not extend an additional 1.18 million bpd in cuts on top of the OPEC+ cuts in July.
International benchmark Brent crude was trading 1.5 percent lower at $40.14 per barrel by 0946 GMT, having hit a high of $43.29 on Monday, its highest since March 9. U.S. West Texas Intermediate was trading 2.3 percent down at $37.34 a barrel, after rising as high as $40.42 on Monday, its highest since March 9.
USD/NOK trades 1.3 percent up at 9.3665, having touched a low of 9.2168 earlier, its lowest March 3.
Immediate resistance is located at 9.4479 (7-EMA), close above could take it till 9.4782 (200-DMA).
On the downside, support is around 9.2079 break below could take it till 9.1753.
