Oil Prices Gain More Than 1 After WHO Announcement

Oil prices jumped on Friday after the World Health Organization (WHO) spoke out against travel and trade restrictions, however announcing an international emergency due to the spread of coronavirus in China.

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WHO declaration, with regard to no need to limit trade and travel to China, improved market confidence.

The international benchmark for Brent futures with delivery in April added 1.20 percent, to $58,02 per barrel, while U.S. light crude futures with March delivery rose by 1.48 percent, to $52,91 per barrel at 0850 GMT. One should mention, that for the week, U.S. WTI crude eased by 1.9 percent, while Brent equity indicator decreased by 2.5 percent.

Meantime, the Saudi Arabia authorities initiated a discussion about the date change of the upcoming OPEC+ meeting, which was planned to be hold in March to reschedule to early February in connection to the recent oil rates slide. But there followed no decision so far regarding the date change.

Despite the fact the crude rates rebounded on Friday, analysts still recommend being cautious and warned of possible further downside risks if the coronavirus goes on to spread.

Source: Reuters, Tradingeconomics