FxWirePro: Norwegian Krone declines after IEA says oil demand unlikely to get vaccine boost until later in 2021
Thursday, November 12, 2020 10:05 AM UTC
- The Norwegian Krone fell to a near 1-week low as crude oil prices weakened.
- Crude oil declined, hovering away from an over 2-month peak hit in the prior session after the International Energy Agency stated that global oil demand is unlikely to get a significant boost from the roll-out of vaccines against COVID-19 until well into 2021.
- International benchmark Brent crude was trading 0.1 percent down at $43.72 per barrel by 0956 GMT, having hit a high of $45.28 on Wednesday, its highest since September 2. U.S. West Texas Intermediate was trading 0.1 percent lower at $41.36 a barrel, after rising as high as $43.18 on Wednesday, its highest since September 2.
- USD/NOK trades 0.1 percent higher at 9.0981, having touched a low of 8.9644 on Monday, its lowest since September 10.
- Immediate resistance is located at 9.1457 close above could take it till 9.1680.
- On the downside, support is around 9.0114, break below could take it till 8.9970.