oil prices Archives | Be Korea-savvy
Korean Firms Brace for Potential Fallout from Mideast Tensions

Korean Firms Brace for Potential Fallout from Mideast Tensions

SEOUL, Jan. 6 (Korea Bizwire) — South Korean refiners and petrochemical companies are bracing for potential fallout from the U.S. killing of a top Iranian general, which has already sent global oil prices higher, industry sources said Monday. The fatal drone strike on Gen. Qassem Soleimani, the head of Iran’s elite Quds Force, on Friday [...]

Oil Prices in S. Korea Mark Longest Rally

Oil Prices in S. Korea Mark Longest Rally

SEOUL, Feb. 5 (Korea Bizwire) – Retail oil prices in South Korea rose for the 27th week in a row this week in line with a hike in global crude oil prices, recording the longest run ever, data showed Saturday. The average gasoline price nationwide was 1,559.6 won (US$1.43) per liter in the fifth week of January, edging up 4.3 won from a week earlier, according to the data provided by the state-run Korea National Oil Corp. [...]

Bank of Korea More Pessimistic Than Before, but Still Cautiously Hopeful

Bank of Korea More Pessimistic Than Before, but Still Cautiously Hopeful

SEOUL, Aug. 28 (Korea Bizwire) — The Bank of Korea submitted a report to the Strategy and Finance Committee of the National Assembly today in which it predicted that this year’s economic growth would fall short of 3 percent despite the improving global economy and supplementary revisions made to the national budget. The central bank [...]

Commodity Prices Continue Rising Due To Rising Oil Prices, Bird Flu

Commodity Prices Continue Rising Due To Rising Oil Prices, Bird Flu

SEOUL, March 21 (Korea Bizwire) – Commodity prices continued to move up in recent weeks amid rising crude oil prices and the outbreak of the avian influenza, industry sources said Tuesday. Consumer prices rose 1.9 percent in February from a year earlier with comparable figures for January standing at 2 percent. The Bank of Korea [...]

Low Oil Prices a Boon for Korean Businesses

Low Oil Prices a Boon for Korean Businesses

SEOUL, Jan. 30 (Korea Bizwire) — Six out of ten Korean businesses expected that currently low oil prices would produce positive effects, such as reduced production costs and sales increases. By industry, the automobile and textile industries showed high expectations, but the shipbuilding, E&C and petrochemical sectors expected losses to result from the low price of oil. [...]