FxWirePro: Norwegian Krone near 1-1/2 week trough as crude oil slumps on U.S. crude stock build
Thursday, June 25, 2020 10:58 AM UTC
- The Norwegian Krone slumped to a 10-day low as the crude oil prices declined for the third straight session.
- Crude oil prices declined, weighed down by record-high U.S. crude inventories and worries that a rapid resurgence in COVID-19 cases could block a revival in fuel demand.
- On Wednesday, U.S. government data showed crude stockpiles rose by 1.4 million barrels, driving inventories to a record high for a third straight week last week.
- International benchmark Brent crude was trading 0.8 percent lower at $39.92 per barrel by 1051 GMT, having hit a low of $39.50 earlier, its lowest since June 16. U.S. West Texas Intermediate was trading 1.5 percent down at $37.44 a barrel, after falling as low as $37.16 earlier, its lowest since June 18.
- USD/NOK trades 0.2 percent higher at 9.6854, having touched a high of 9.7393 earlier, its highest June 15.
- Immediate resistance is located at 9.7801, close above could take it till 9.8093 (55-EMA).
- On the downside, support is around 9.6270, break below could take it till 9.6084 (20-EMA).