Oil Prices Rise for 7 Consecutive Weeks... Diesel Surpasses 1,600 Won for the First Time in 6 Months

New York Crude Oil Slightly Rises Amid Powell's Speech

Gasoline and diesel prices at domestic gas stations have risen for seven consecutive weeks.

According to the Korea National Oil Corporation's oil price information system, OPINET, the average gasoline price at gas stations nationwide in the fourth week of August (20?24) was 1,740.8 KRW, up 13.1 KRW from the previous week.

The average gasoline price in Seoul was the highest in the country at 1,820.6 KRW, while Gwangju had the lowest at 1,706.5 KRW.

The diesel price was recorded at 1,617.7 KRW, an increase of 29.4 KRW from the previous week.

On a weekly basis, diesel prices exceeding 1,600 KRW occurred for the first time in about six months since the third week of February this year (1,608.93 KRW).

This week, international oil prices showed a downward trend due to factors such as an increase in U.S. weekly petroleum product inventories, concerns over China's economic slowdown, and Iran's continued oil production increase.

The average price of Dubai crude, the benchmark for imported crude oil prices, was $85.8 per barrel this week, down $0.5 from the previous week.

The Korea Petroleum Association forecasted that domestic petroleum product prices will continue to rise for the time being, but the rate of increase is expected to slow down.

Meanwhile, New York oil prices slightly rose as Jerome Powell's speech at the Jackson Hole meeting was evaluated to be in line with expectations.

On the 25th (local time), the October delivery West Texas Intermediate (WTI) crude oil price on the New York Mercantile Exchange closed at $79.83 per barrel, up 78 cents (0.99%) from the previous session.

Although prices rebounded that day, oil prices fell 1.03% during the week, marking a decline for two consecutive weeks.

On the other hand, the October Brent crude oil price closed at $82.88 per barrel, up 4 cents (0.1%) from the previous session.

The most actively traded November Brent crude oil price closed steady at $83.36.

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