FxWirePro: Norwegian Krone surges as crude oil prices ahead of OPEC meeting
Tuesday, July 14, 2020 11:29 AM UTC
- The Norwegian Krone surged as crude oil prices erased early session losses.
- Crude oil prices nudged higher as markets keenly awaited news from Organization of the Petroleum Exporting Countries (OPEC) and its allies on the next level of production cuts.
- OPEC’s Joint Technical Committee meets on Tuesday, with the Joint Ministerial Monitoring Committee due to meet on Wednesday.
- International benchmark Brent crude was trading 0.4 percent up at $42.36 per barrel by 1119 GMT, having hit a low of $41.29 on Friday, its lowest since July 1. U.S. West Texas Intermediate was trading 0.2 percent higher at $39.65 a barrel, after falling as low as $38.56 on Friday, its lowest since June 29.
- Moreover, news that Norway's number of coronavirus patients on ventilators fell to zero further boosted the Norwegian currency.
- USD/NOK trades 0.2 down at 9.4283, having touched a low of 9.3392 on Thursday, its lowest June 11.
- Immediate resistance is located at 9.5042, close above could take it till 9.5404 (200-DMA).
- On the downside, support is around 9.3922, break below could take it till 9.3603.