22nd May
The USD/NOK rose by more than 1.35 per cent as the price of crude oil dropped sharply during the Asian and European sessions. USD/NOK jumps after crude oi price l tumbles Norway is one of the biggest crude oil exporters in Europe. According to Worldometer, the country produces more than 2 million barrels making it the 13th biggest producers. Most of this oil, about 1.7 million barrels, is exported. Therefore, the price of crude oil and the Norwegian krone tend to have a close relationship. In most cases, the krone falls when the price of oil declines. Indeed, the USD/NOK
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The USD/NOK pair rose by more than 1.35% mostly due to low crude oil price.
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Analysts blamed the low oil prices to the tensions in China and Hong Kong.
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Other oil currencies like the Russian ruble and Canadian dollar also weakened
