FxWirePro: USD/NOK near 1-week peak, major resistance at 20-EMA
The Norwegian Krone declined, hoverng towards a 1-week trough hit in the prior session, as oil prices slumped on sluggish coronavirus recovery. Crude oil price declined, extending previous session losses amid a slow reco…
The Norwegian Krone declined, hoverng towards a 1-week trough hit in the prior session, as oil prices slumped on sluggish coronavirus recovery.
Crude oil price declined, extending previous session losses amid a slow recovery in fuel demand, while major crude producers seek to limit supply.
The Organization of the Petroleum Exporting Countries and allies including Russia were focused on ensuring that members who had overproduced against their commitments would reduce their output.
Among OPEC members, Iraq and Nigeria were the least compliant and even the United Arab Emirates.
OPEC+ expects oil demand in 2020 to fall by 9.1 million bpd, up 100,000 bpd from its previous forecast, flagging demand risks.
International benchmark Brent crude was trading 0.6 percent down at $44.58 per barrel by 0942 GMT, having hit a low of $44.00 on Thursday, its lowest since August 4. U.S. West Texas Intermediate was trading 0.6 percent lower at $42.49 a barrel, after falling as low as $41.66 on Thursday, its lowest since August 14.
USD/NOK trades 0.4 percent higher at 8.9534, having touched a high of 9.0161 on Thursday, its highest since August 12.
Immediate resistance is located at 8.9856, close above could take it till 9.0058 (20-EMA).
On the downside, support is around 8.8552, break below could take it till 8.8295.
