The Norwegian Krone has fallen to more than five-year lows against the dollar and euro and a seven year low against the UK pound with oil prices trading near a three-four-year lows.

EUR/NOK rallied to 8.6801, its highest since September 2009, where the cross is 2.7% up so far in November. It had rallied 4.2% in the last month.

GBP/NOK jumped to as high as 11.0700, its highest since December 2007. At the high, Sterling was up 2.5% so far this month, topping the 5% over the past two months.

USD/NOK rallied to 6.9353, its highest since February 2009, making a 1.9% rally so far in November. The pair has been on the rise from May and was up about 14% by the October close since then.

Prices of the West Texas Intermediate crude fell to a three-year low on Tuesday as Saudi Arabia reduced prices its crude exports to the U.S. The WTI crude has tumbled nearly 30% since its June high of nearly $108 per barrel.

Brent, the international benchmark, has declined 2.3%, to $82.82, having earlier fallen to $82.08, its lowest level in just over four years.

At its 23 October meeting, Norges Bank left the key rate unchanged at 1.5%, citing in line inflation and growth compared to its projections. However, the central bank showed its concern over oil prices.

"Developments abroad and the fall in oil prices has increased the uncertainty regarding the outlook for the Norwegian economy", said Øystein Olsen, Norges Bank Governor.

Oslen said economic outlook for Norway's trading partners has deteriorated somewhat since the September 2014 Monetary Policy Report.

"Uncertainty regarding developments ahead has increased, particularly in the euro area. The expected rise in key rates abroad has again been deferred. Equity prices and oil prices have fallen."