FxWirePro: Norwegian Krone hits 3-month peak as oil surges on OPEC+ cuts
The Norwegian Krone rallied to a 3-month peak, as the oil prices rallied to multi-month peaks. Crude oil rallied to new multi-month peaks after major producers agreed to extend a deal on record output cuts to the end of …
The Norwegian Krone rallied to a 3-month peak, as the oil prices rallied to multi-month peaks.
Crude oil rallied to new multi-month peaks after major producers agreed to extend a deal on record output cuts to the end of July and as China’s crude imports hit an all-time high in May.
On Saturday, OPEC+ agreed to extend the deal to withdraw almost 10 percent of global supplies from the market by a third month to end-July.
Separate data showed purchases by Chinese crude importer rose to an all-time high of 11.3 million bpd in May.
International benchmark Brent crude was trading 2.2 percent higher at $42.80 per barrel by 1023 GMT, having hit a high of $43.29 earlier, its highest since March 9. U.S. West Texas Intermediate was trading 1.9 percent up at $39.83 a barrel, after rising as high as $40.42 earlier, its highest since March 9.
USD/NOK trades 0.2 percent down at 9.2738, having touched a low of 9.2458 earlier, its lowest March 9.
Immediate resistance is located at 9.3417, close above could take it till 9.3822.
On the downside, support is around 9.2399 break below could take it till 9.2152.
