[Featured Stock] S-Oil, Earnings Improvement Expected Amid Rising Oil Prices... New High

[Asia Economy Reporter Song Hwajeong] S-Oil continued its four-day rally amid expectations of improved earnings due to rising oil prices, hitting a 52-week intraday high.

As of 9:25 a.m. on the 9th, S-Oil was trading at 82,800 KRW, up 2,600 KRW (3.24%) from the previous day. The stock rose for the fourth consecutive day, reaching an intraday high of 83,100 KRW, setting a new 52-week high.

This strong performance is interpreted as being driven by earnings expectations following recent oil price increases. On the 8th (local time), March delivery West Texas Intermediate (WTI) crude oil on the New York Mercantile Exchange (NYMEX) closed at 57.97 USD per barrel, up 2% (1.12 USD) from the previous trading day. Oil prices have shown a sharp rise this month due to production cuts by major oil-producing countries and expectations of demand recovery. Noh Wooho, a researcher at Meritz Securities, said, "With upward revisions in demand forecasts for oil, a trend of recovery in the refining sector is expected this year," adding, "S-Oil is expected to turn a profit this year after a 1 trillion KRW annual loss last year."

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