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South Korean oil stocks witnessed a decline in the Friday morning session, following a substantial drop of nearly 5 percent in global oil prices. However, airline stocks saw an upward surge on expectations that reduced oil prices will lead to lower fuel costs.
At 9:47 a.m., shares of Seoul-based petroleum and refinery company S-Oil Corp. were trading at 68,100 won ($52.49), marking a 1.30 percent decrease from the previous trading day.
The stock prices of GS, the holding company of GS Caltex Corp., and SK innovation Co. also experienced declines, registering drops of 1.05 percent and 1.95 percent respectively.
Contrarily, airline stocks made gains during the same trading hours. Korean Air Lines Co. rose by 1.59 percent to 22,300 won, Jeju Air Co. increased by 1.11 percent, and Jin Air Co. climbed by 1.08 percent.
The international oil market faced a substantial setback on Thursday, plummeting nearly 5 percent due to mounting expectations of a sluggish economy that would consequently dampen crude oil demand.
West Texas Intermediate (WTI) crude futures for December delivery, traded on the New York Mercantile Exchange, concluded at $72.90 per barrel, down by $3.76, or 4.9 percent, from the preceding session.
Meanwhile, Brent crude oil futures for December delivery on the ICE Futures Exchange in London settled at $77.42 per barrel, down $3.76, or 4.6 percent.
Both WTI and Brent prices hit their lowest points in four months, dating back to July 6.
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