The EUR/NOG exchange rate is having some difficulties

The euro to Norwegian krone exchange rate is having some difficulties climbing up in the trading sessions. But luckily for bears, the odds are looking better for the Norwegian krone. Looking at it, the strength of the Norwegian krone is mainly driven by crude prices and it’s also affected by the single currency and the performance of other currencies in the region. As of writing, oil prices continue to hold on despite the heavy pour of bearish news. It was recently reported that the Organization of the Petroleum Exporting Countries finally relaxed its historic production cut and the markets are bracing for more. This comes as major economies continue to open their economy and ease their travel restrictions despite the still increasing number of COVID-19 cases around the world. Earlier this year, the group agreed to dramatically reduce their production to prevent oil prices from plummeting, this also helped the cause of the Norwegian krone.