FxWirePro: Norwegian Krone retreats from 5-month high as oil declines on U.S. inventory build
The Norwegian Krone retreated from a 5-month peak as crude oil prices declined on U.S. inventory build and increasing pandemic fears. Crude oil prices slumped from multi-month high as industry data showed a bigger- than-…
The Norwegian Krone retreated from a 5-month peak as crude oil prices declined on U.S. inventory build and increasing pandemic fears.
Crude oil prices slumped from multi-month high as industry data showed a bigger- than-expected inventory build in the United States where coronavirus cases continue to rise.
Industry group American Petroleum Institute reported U.S. crude inventories rose last week by 7.5 million barrels compared with expectations for a draw of 2.1 million.
International benchmark Brent crude was trading 0.5 percent down at $43.72 per barrel by 1057 GMT, having hit a high of $44.86 on Tuesday, its highest since March 6. U.S. West Texas Intermediate was trading 0.7 percent lower at $41.25 a barrel, after rising as high as $42.49 on Tuesday, its highest since March 6.
USD/NOK trades 0.2 up at 9.1190, having touched a low of 9.0720 earlier, its lowest Jan 27.
Immediate resistance is located at 9.2335 (5-DMA), close above could take it till 9.2632 (7-EMA).
On the downside, support is around 9.0394, break below could take it till 9.0135.
