FxWirePro: Norwegian Krone slumps to an over 1-month low amid volatile oil prices
The Norwegian Krone plunged to an over 1-month low as crude oil prices remained poised for second monthly decline. Crude oil prices traded in a volatile market and remained on course for a second monthly fall as rising C…
The Norwegian Krone plunged to an over 1-month low as crude oil prices remained poised for second monthly decline.
Crude oil prices traded in a volatile market and remained on course for a second monthly fall as rising COVID-19 cases in Europe and the United States heighten concerns over fuel consumption.
International benchmark Brent crude was trading 1.4 percent up at $38.09 per barrel by 1022 GMT, having hit a low of $36.62 on Thursday, its lowest since May 29. U.S. West Texas Intermediate was trading 0.2 percent lower at $36.01 a barrel, after falling as low as $34.95 on Thursday, its lowest since June 15.
USD/NOK trades 0.1 percent higher at 9.5445, having touched a high of 9.5990 earlier, its highest since September 25.
Immediate resistance is located at 9.6160, close above could take it till 9.6335.
On the downside, support is around 9.4685, break below could take it till 9.4464.
