[Asia Economy Reporter Hwang Yoon-joo] As geopolitical risks in Eastern Europe ease, international oil prices have fallen to their lowest level in three weeks, causing refining stocks to decline.


As of 10:28 a.m. on the 17th, SK Innovation is trading at 175,500 KRW, down 1.13% (2,000 KRW) from the previous day. S-Oil and GS are also down 0.45% and 1.47%, trading at 88,400 KRW and 46,950 KRW, respectively.


West Texas Intermediate (WTI) crude oil futures for December delivery fell $1.33 (1.5%) from the previous session (local time) to $85.59 per barrel, marking the lowest price since the 25th of last month.


International oil prices declined today as geopolitical tensions in Eastern Europe eased. Earlier, the Polish Ministry of Foreign Affairs announced on the 15th (local time) at around 3:40 p.m. that a missile fell near the village of Prozewodow close to the Ukraine border, resulting in two deaths.


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This raised concerns about the potential escalation of the Russia-Ukraine war, but the Polish government and the North Atlantic Treaty Organization (NATO) confirmed that the missile that landed in Poland did not come from Russia.


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