• FxWirePro: Norwegian krone rallies to 1-month peak as Oil surges ahead of opec meet

    Источник: FxWire Pro - Technicals / 15 июл 2020 07:58:29   America/New_York

    • The Norwegian Krone rallied to a 1-month high as crude oil prices rose following a sharp decline in U.S. crude stocks
    • Crude oil prices surged after a sharp drop in U.S. crude inventories, while the market await next steps from a meeting later in the day on the future level of output cuts by OPEC and its allies.
    • The Organization of the Petroleum Exporting Countries and allies meets to decide oil output policy from August amid broad market expectations the cartel will ease supply curbs.
    • The OPEC+ have been cutting output since May by 9.7 million barrels per day, or 10 percent of global supply after the virus destroyed a third of global demand.
    • International benchmark Brent crude was trading 0.8 percent up at $43.38 per barrel by 1135 GMT, having hit a low of $41.29 on Friday, its lowest since July 1. U.S. West Texas Intermediate was trading 0.9 percent higher at $40.87 a barrel, after falling as low as $38.56 on Friday, its lowest since June 29.
    • Moreover, weakness in the greenback further supported the upside in the Norwegian currency. 
    • USD/NOK trades 0.9 down at 9.2983, having touched a low of 9.2975 earlier, its lowest June 11. 
    • Immediate resistance is located at 9.4185 (5-DMA), close above could take it till 9.4467 (10-DMA).
    • On the downside, support is around 9.2746, break below could take it till 9.2590.