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Commodity currencies hit after crude prices slide almost 5%

Commodity currencies came under selling pressure on Thursday as key crude benchmarks tumbled almost 5 per cent.

The Norwegian krone was among the biggest losers against the US dollar on the day, sliding 0.79 per cent. Meanwhile, the Australian dollar declined 0.65 per cent, and Canada’s ‘loonie’ dropped 0.6 per cent. The New Zealand dollar slipped 0.34 per cent.

Looking at emerging markets, the Russian rouble was among the biggest declines, sinking 0.75 per cent against the greenback.

Investors soured on crude oil on Thursday even after Opec agreed to extend its supply cuts by nine months. Analysts have continued to fret that curbs in the cartel’s production will not offset US shale drillers that have sprung back into action as the crude has stabilised around the $50 a barrel range.

Brent settled down 4.63 per cent at $51.46 a barrel on Thursday, while US benchmark West Texas Intermediate shed 4.79 per cent to $48.90. It was the worst day for both in three weeks.