Today, we saw a painful carnage in oil markets, with Crude WTI prices plummeting to as low as $14.66 per barrel, shedding nearly 19% in value. The move lower came as inventories continue to pile up worldwide as demand weakens and as OPEC output cuts seem unable to contain the situation. The simple truth of the matter is that coronavirus has literally put the world at a standstill, transportation is in amber and there is simply no demand. Unsurprisingly, and in line with the price action today, the oil exporters (NOK and CAD) look most vulnerable.
With the move lower in Oil comes the chance that the NOK could regain momentum. As the trend, last week seems confirmed we like to sell EURNOK at 11.12 with SL at 11.55 and TP at 10.60.
