FxWirePro: Norwegian Krone hovers towards multi-month peak as crude oil rallies
Wednesday, August 5, 2020 9:57 AM UTC
- The Norwegian Krone rose to a near 1-week peak as crude oil prices surged following a drop in U.S. crude inventories.
- Crude oil prices rallied to 5-month peak after the American Petroleum Institute data showed crude inventories declined by 8.6 million barrels in the week to Aug. 1 to 520 million barrels, compared with analysts’ expectations for a drop of 3 million barrels.
- International benchmark Brent crude was trading 2.4 percent up at $45.40 per barrel by 0950 GMT, having hit a high of $45.46 earlier, its highest since March 6. U.S. West Texas Intermediate was trading 2.9 percent higher at $42.71 a barrel, after rising as high as $42.74 earlier, its highest since March 6.
- USD/NOK trades 0.7 percent lower at 9.0154, having touched a low of 9.0013 on Thursday, its lowest since Jan 27.
- Immediate resistance is located at 9.1310, close above could take it till 9.1530.
- On the downside, support is around 9.0000, break below could take it till 8.9765.