The oil price is higher than it has been for over seven years, which is good news for the Norwegian krone.
On Tuesday, the price of a barrel of North Sea oil reached almost 88 dollars per barrel. Not since 2014 has the price been at such a high level.
“The increase is partly due to the market considering the omicron virus less problematic for global economic activity than feared, and partly because Opec+ is struggling to meet the planned increase in its own production quotas,” chief economist Kjersti Haugland in DNB wrote in her morning report.
Oil industry revenues are good news for the Norwegian krone, Haugland noted.
“Despite a rather shaky start to the year for the stock market, one can see a strengthening trend for the krone through large daily fluctuations. At the moment, EURNOK is at 9.96, three øre lower than at the same time yesterday,” she stated on Tuesday morning.
Source : NTB Scanpix / #Norway Today / #NorwayTodayFinance
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