Oil prices jumped 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.
Brent crude futures (LCOc1) jumped $1.16 to $59.45 a barrel by 0532 GMT, after falling 2.5% the previous session. Brent is still down 2% for the week.
U.S. West Texas Intermediate (WTI) futures (CLc1) were up by $1.06 to $53.20 a barrel. The contract fell 2.2% on Thursday and is now 1.8% lower for the week.
The WHO on Thursday declared that the coronavirus outbreak in China - which has killed more than 200 people there and has spread to some 18 countries - now constitutes a public health emergency of international concern.
Source : Reuters