FxWirePro: Norwegian Krone slumps to 1-week trough as crude oil declines on demand concerns
The Norwegian Krone tumbled to a 1-week trough as oil prices eased on demand risks and U.S. stockpile data. Crude oil prices plunged as major producers warned of a risk to the recovery in demand if the coronavirus crisis…
The Norwegian Krone tumbled to a 1-week trough as oil prices eased on demand risks and U.S. stockpile data.
Crude oil prices plunged as major producers warned of a risk to the recovery in demand if the coronavirus crisis prolonged, while U.S. crude inventories dropped less than expected.
Crude stockpiles in the United States fell last week for a fourth straight week, although the 1.6 million barrel decline was less than a Reuters poll showing expectations for a 2.7 million barrel fall.
Meanwhile, Energy Information Administration data showed fuel demand was down 14 percent from the year-earlier period over the last four weeks.
International benchmark Brent crude was trading 0.3 percent down at $45.02 per barrel by 0844 GMT, having hit a high of $45.76 last week, its highest since August 5. U.S. West Texas Intermediate was trading 0.05 percent lower at $42.70 a barrel, after rising as high as $43.01 on Wednesday, its highest since August 5.
USD/NOK trades 0.4 percent higher at 8.9488, having touched a low of 8.7927 on Tuesday, its lowest since early Janunary.
Immediate resistance is located at 8.9814, close above could take it till 9.0086.
On the downside, support is around 8.8552, break below could take it till 8.8295.
