FxWirePro: Norwegian Krone retreats from 6-month peak as crude oil decline
The Norwegian Krone eased, retreating from a 6-month peak as crude oil prices declined on bearish sentiment about fuel demand. Crude oil prices decined, hovering away from a 5-month high recorded in the previous session …
The Norwegian Krone eased, retreating from a 6-month peak as crude oil prices declined on bearish sentiment about fuel demand.
Crude oil prices decined, hovering away from a 5-month high recorded in the previous session as investors remain wary of rising U.S. refined product inventories at a time when U.S. central bankers said the resurgence in coronavirus cases was slowing the economic recovery.
International benchmark Brent crude was trading 0.6 percent down at $45.06 per barrel by 1153 GMT, having hit a high of $46.21 on Wednesday, its highest since March 6. U.S. West Texas Intermediate was trading 0.8 percent lower at $41.84 a barrel, after rising as high as $43.50 on Wednesday, its highest since March 6.
USD/NOK trades 0.5 percent higher at 8.9936, having touched a low of 8.9012 earlier, its lowest since Janunary.
Immediate resistance is located at 9.0240, close above could take it till 9.0602 (5-DMA).
On the downside, support is around 8.8851, break below could take it till 8.8636.
