FxWirePro: Norwegian Krone slumps to 1-month low as oil prices decline on renewed coronavirus lockdown
Thursday, October 29, 2020 10:59 AM UTC
- The Norwegian Krone plunged to a 1-month low as crude oil prices slump on renewed coronavirus lockdowns.
- Crude oil prices declined more than 3 percent, extending the previous day’s sharp drop amid signs of a growing global oil supply glut as governments renew restrictions to counter a second wave of the coronavirus.
- International benchmark Brent crude was trading 3.01 percent down at $37.84 per barrel by 1054 GMT, having hit a low of $37.54 earlier, its lowest since June 15. U.S. West Texas Intermediate was trading 3.4 percent lower at $36.08 a barrel, after falling as low as $35.78 earlier, its lowest since June 15.
- USD/NOK trades 0.9 percent higher at 9.4530, having touched a high of 9.4604 earlier, its highest since September 30.
- Immediate resistance is located at 9.4793, close above could take it till 9.4957.
- On the downside, support is around 9.2927, break below could take it till 9.2793.