FxWirePro: Norwegian Krone slumps to 1-month low as oil prices decline on renewed coronavirus lockdown
The Norwegian Krone plunged to a 1-month low as crude oil prices slump on renewed coronavirus lockdowns. Crude oil prices declined more than 3 percent, extending the previous day’s sharp drop amid signs of a growing glob…
The Norwegian Krone plunged to a 1-month low as crude oil prices slump on renewed coronavirus lockdowns.
Crude oil prices declined more than 3 percent, extending the previous day’s sharp drop amid signs of a growing global oil supply glut as governments renew restrictions to counter a second wave of the coronavirus.
International benchmark Brent crude was trading 3.01 percent down at $37.84 per barrel by 1054 GMT, having hit a low of $37.54 earlier, its lowest since June 15. U.S. West Texas Intermediate was trading 3.4 percent lower at $36.08 a barrel, after falling as low as $35.78 earlier, its lowest since June 15.
USD/NOK trades 0.9 percent higher at 9.4530, having touched a high of 9.4604 earlier, its highest since September 30.
Immediate resistance is located at 9.4793, close above could take it till 9.4957.
On the downside, support is around 9.2927, break below could take it till 9.2793.
