Economy

Oil recovers after WHO calms Chinese epidemic concerns

Coronavirus in China "has not yet become a global emergency", WHO says

By Ovunc Kutlu   | 24.01.2020
Oil recovers after WHO calms Chinese epidemic concerns

ANKARA

Crude oil prices saw some gains at trading start on Friday having recovered from losses made during the previous session after the World Trade Organization (WHO) appeased concerns over the coronavirus epidemic in China.

International benchmark Brent crude was trading at $62.30 per barrel at 0630 GMT on Friday for a 0.39% gain after closing the previous session at $62.06 a barrel.

American benchmark West Texas Intermediate (WTI) was trading at $55.83 a barrel at the same time for a 0.3% increase after ending Thursday at $55.66 per barrel.

Brent crude lost 1.82% on Thursday and WTI plummeted 1.9% as fears over the spread of coronavirus heightened global economic growth risks and overall oil demand in the world.

The WTO said Wednesday that it is "too early" to declare a global emergency for the coronavirus that emerged in Wuhan, China that caused 17 deaths so far.

"Make no mistake this is an emergency in China, but it has not yet become a global emergency. It may become one," WHO Director-General Tedros Adhanom Ghebreyesus said in Geneva.

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