FxWirePro: Norwegian Krone surges as crude oil prices ahead of OPEC meeting
The Norwegian Krone surged as crude oil prices erased early session losses. Crude oil prices nudged higher as markets keenly awaited news from Organization of the Petroleum Exporting Countries (OPEC) and its allies on th…
The Norwegian Krone surged as crude oil prices erased early session losses.
Crude oil prices nudged higher as markets keenly awaited news from Organization of the Petroleum Exporting Countries (OPEC) and its allies on the next level of production cuts.
OPEC’s Joint Technical Committee meets on Tuesday, with the Joint Ministerial Monitoring Committee due to meet on Wednesday.
International benchmark Brent crude was trading 0.4 percent up at $42.36 per barrel by 1119 GMT, having hit a low of $41.29 on Friday, its lowest since July 1. U.S. West Texas Intermediate was trading 0.2 percent higher at $39.65 a barrel, after falling as low as $38.56 on Friday, its lowest since June 29.
Moreover, news that Norway's number of coronavirus patients on ventilators fell to zero further boosted the Norwegian currency.
USD/NOK trades 0.2 down at 9.4283, having touched a low of 9.3392 on Thursday, its lowest June 11.
Immediate resistance is located at 9.5042, close above could take it till 9.5404 (200-DMA).
On the downside, support is around 9.3922, break below could take it till 9.3603.
