Oil jumped after the World Health Organization said there's no need for travel and trade bans due to the coronavirus, but was still set for its worst month since May as the outbreak sapped the demand outlook.
The WHO declared a public health emergency of international concern, but said restrictions on commerce weren’t necessary and that it had confidence in China’s ability to control the virus. Crude got a further boost after a non-manufacturing purchasing managers' index in Asia's largest economy beat estimates, helping push futures in New York up by as much as 2.3%.
West Texas Intermediate crude for March delivery rose 1.8% to $53.05 a barrel on the New York Mercantile Exchange as of 9:56 a.m. in Singapore. It closed down 2.2% on Thursday and has fallen around 13% so far this month.
Brent for the same month advanced 1.6% to $59.20 a barrel on the London-based ICE Futures Europe exchange after dropping 2.5% on Thursday. It’s down around 10% in January. The global crude benchmark traded at a $6.15 a barrel premium to WTI.
Source : Bloomberg