Oil climbs as WHO declares emergency, says it 'opposes' travel, trade restrictions - Reuters

Oil climbs as WHO declares emergency, says it 'opposes' travel, trade restrictions - Reuters:

Oil prices rose on Friday following sharp losses this week, as the World Health Organization (WHO) came out against travel and trade restrictions in declaring a global emergency over the spread of a coronavirus that originated in China last year.

Oil prices fell nearly 4% through Thursday this week - hitting three-months lows - before rebounding on Friday, with investors and traders worried over how spread of the virus would impact demand for oil and its products.

“WHO’s decision ... to oppose restricting travel and trades against China boosted market confidence, even though the organization declared a global health emergency,” said Margaret Yang, market analyst at CMC Markets. 


Brent crude futures LCOc1 were 68 cents higher at $58.97 a barrel by 0738 GMT, after falling 2.5% in the previous session. Brent is still down 2.8% for the week. 


U.S. West Texas Intermediate (WTI) futures CLc1 were up by 70 cents to $52.84 a barrel. The contract fell 2.2% on Thursday and is now 2.5% lower for the week.