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FxWirePro: Norwegian Krone rallies as crude oil rises on bigger-than-expected drop in U.S. crude stocks

  • The Norwegian Krone rose, extending previous session gains as oil prices surged, while the greenback weakened against a basket of currencies. 
     
  • Crude oil prices surged, reversing some of its previous session losses after an industry report showed that U.S. inventories of crude fell more than expected. 
     
  • On Tuesday, the American Petroleum Institute said that crude stocks fell by 4 million barrels last week, more than analysts’ expectations of a 2.9 million-barrel draw. 
     
  • International benchmark Brent crude was trading 1.4 percent up at $45.12 per barrel by 1149 GMT, having hit a high of $45.76 on Tuesday, its highest since August 5. U.S. West Texas Intermediate was trading 1.4 percent higher at $42.22 a barrel, after rising as high as $42.92 on Tuesday, its highest since August 5.
     
  • The dollar index declined on growing uncertainty over whether the U.S. lawmakers would agree on an additional fiscal stimulus to support an economy still struggling with the novel coronavirus.
     
  • USD/NOK trades 0.3 percent lower at 8.9717, having touched a low of 8.9012 on Thursday, its lowest since Janunary. 
     
  • The pair rose earlier in the day but struggled to break above 9.0500. 
     
  • Immediate resistance is located at 9.0790, close above could take it till 9.0910
     
  • On the downside, support is around 8.9306, break below could take it till 8.9180. 
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