FxWirePro: USD/NOK plunges to 1-week trough, finds support at 20-EMA
The Norwegian Krone rallied to a 1-week peak as the crude oil prices surged following a decline in stockpiles, while hurricane shut U.S. output. Crude oil prices rose to a 1-week peak as a hurricane disrupted U.S. offsho…
The Norwegian Krone rallied to a 1-week peak as the crude oil prices surged following a decline in stockpiles, while hurricane shut U.S. output.
Crude oil prices rose to a 1-week peak as a hurricane disrupted U.S. offshore oil and gas production and an industry report showed U.S. crude inventories declined.
More than a quarter of U.S. offshore oil and gas output was shut and export ports were closed on Tuesday due to Hurricane Sally.
Data from the American Petroleum Institute showed U.S. crude oil inventories fell by 9.5 million barrels last week.
International benchmark Brent crude was trading 1.7 percent up at $41.36 per barrel by 0952 GMT, having hit a high of $41.60 earlier, its highest since September 8. U.S. West Texas Intermediate was trading 1.9 percent higher at $39.15 a barrel, after rising as high as $39.39 earlier, its highest since September 7.
Moreover, a fall in the greenback against a basket of currencies boosted the bid tone around the Norwegian currency.
USD/NOK trades 0.6 percent lower at 8.9775, having touched a low of 8.9737 earlier, its lowest since September 10.
Currently 20-EMA is acting as minor support.
Immediate resistance is located at 9.0740, close above could take it till 9.0970.
On the downside, support is around 8.9630, break below could take it till 8.9409.
