[New York Close] Oil Prices Rise for 3 Consecutive Days... New York Stock Market Also Up

[Asia Economy New York=Correspondent Baek Jong-min] Both the New York stock market and oil prices rose, ending the last trading day of the week on a positive note.

On the 24th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 23,775.27, up 260.01 points (1.11%) from the previous session, the S&P 500 index rose 38.94 points (1.39%) to 2,836.74, and the Nasdaq index closed at 8,634.52, up 139.77 points (1.65%).

The weekly decline rates were 1.93% for the Dow, 1.32% for the S&P 500, and 0.18% for the Nasdaq.

Oil prices, which recorded an unprecedented negative (-) price earlier this week, ended on a high note with three consecutive days of gains. The three-day increase rate exceeds 43%.

At the New York Mercantile Exchange (NYMEX), West Texas Intermediate (WTI) crude oil for June delivery closed at $16.94 per barrel, up 2.7% ($0.44). June Brent crude oil is trading around $21, up 2%.

It is analyzed that U.S. production cuts have sparked hope for oil price recovery. According to Baker Hughes, the number of U.S. oil drilling rigs dropped sharply by 60 to 378 this week compared to the previous week, marking the lowest level in four years.

This content was produced with the assistance of AI translation services.