FxWirePro: Norwegian Krone retreats from near 7-week low as oil rebounds despite persisting demand worries
The Norwegian Krone attemped a minor recover from near 7-week trough as the oil prices rebounded from miutl-week lows. Crude oil prices recovered some ground after tumbling to their lowest level since June, although a su…
The Norwegian Krone attemped a minor recover from near 7-week trough as the oil prices rebounded from miutl-week lows.
Crude oil prices recovered some ground after tumbling to their lowest level since June, although a surge in coronavirus cases in several countries undermined hopes for a global economic recovery.
International benchmark Brent crude was trading 1.6 percent up at $40.34 per barrel by 0848 GMT, having hit a low of $39.34 on Tuesday, its lowest since June 16. U.S. West Texas Intermediate was trading 2.05 percent higher at $37.48 a barrel, after falling as low as $36.15 on Tuesday, its lowest since July 15.
USD/NOK trades flat at 9.1184, having touched a high of 9.1813 earlier, its highest since July 24.
On Tuesday, the pair rallied as high as 9.1386 to close 2.3 percent up at 9.1207.
Immediate resistance is located at 9.2008, close above could take it till 9.2373.
On the downside, support is around 9.0640, break below could take it till 9.0330.
