The Norwegian krone dropped today ahead of this week’s meeting of oil-producing countries. Oil exporters will gather to discuss steps for supporting prices for crude that have been in decline since June.
The Organization of Petroleum Exporting Countries scheduled the meeting for November 27. The members of the organization will discuss measures for helping crude oil to end its downtrend. One of possible solutions is to cut production. Norway is the biggest oil-producer in Western Europe, making its currency vulnerable to factors that are negative for crude.
USD/NOK rose from 6.7756 to 6.8156 as of 15:18 GMT today, reaching the high of 6.8292 intraday.
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