Oil jumps as WHO declares emergency but recommends no travel, trade restrictions

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

Oil prices had fallen nearly 4 per cent through Thursday this week – hitting three-month’s lows – before rebounding on Friday, with investors and traders worried over how the spreading virus would impact demand for oil and its products.

“The WHO declared a global health emergency but more importantly said travel and trade restrictions were not necessary,” said Edward Moya, senior market analyst at OANDA in New York.