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FxWirePro: Norwegian Krone off 7-month peak as crude oil eases on demand concerns

  • The Norwegian Krone declined, retreating from a 7-month peak as oil prices declined on demand doubts and rising supply. 
     
  • Crude oil prices tumbled, extending previous session losses, weighed down by doubts about demand recovery due to the novel coronavirus pandemic and rising supply.
     
  • The International Energy Agency and the Organization of the Petroleum Exporting Countries, two prominent forecasters, trimmed their 2020 oil demand forecasts this week. 
     
  • International benchmark Brent crude was trading 0.2 percent down at $44.96 per barrel by 1140 GMT, having hit a high of $45.76 on Tuesday, its highest since August 5. U.S. West Texas Intermediate was trading 0.2 percent lower at $42.25 a barrel, after rising as high as $42.92 on Tuesday, its highest since August 5.
     
  • USD/NOK trades 0.4 percent higher at 8.9140, having touched a low of 8.8528 in the prior session, its lowest since Janunary. 
     
  • Immediate resistance is located at 8.9759 (5-DMA), close above could take it till 8.9914 (10-DMA)
     
  • On the downside, support is around 8.8430, break below could take it till 8.8204.  
  • Market Data
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