[Asia Economy Reporter Jang Hyowon] Heungkuk Oil is showing strength supported by the rise in international oil prices.
As of 9:52 AM on the 23rd, Heungkuk Oil is trading at 7,450 KRW, up 7.8% from the previous day.
On the 22nd (local time), April delivery West Texas Intermediate (WTI) crude oil on the New York Mercantile Exchange (NYMEX) closed at $61.70 per barrel, up 4.10% from the previous trading day. April Brent crude on the London ICE Futures Exchange also closed at $65.24 per barrel, up 3.70%.
The surge in oil prices is attributed to concerns that record snowfall and cold waves in Texas, a major oil-producing region in the United States, will disrupt crude oil production.
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