[Special Stock] International Oil Prices Surge... Korea Oil Shows Early Strength

[Asia Economy Reporter Ji Yeon-jin] On the 5th, in the domestic KOSPI market which started lower, Hanguk Seokyu showed a sharp rise from the early session.

Hanguk Seokyu rose to 193,000 KRW, up 12.21% compared to the previous day, immediately after the market opened. As of 9:05 AM, it was trading at 184,500 KRW, down 6.98% from the previous day, showing significant volatility.

Hanguk Seokyu's sharp rise appears to be due to news of a surge in international oil prices overnight. On the New York Mercantile Exchange, April delivery West Texas Intermediate (WTI) crude oil closed at $63.83 per barrel, up 4.16% from the previous trading day. This is the highest price in 1 year and 10 months since April 30, 2019 ($63.91 per barrel). During the session, it soared to $64.86 per barrel.