Today, oil prices rose 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.

Before rebounding today, oil prices fell nearly 4% until yesterday hitting three months lows.

“The decision of the World Health Organization (WHO) to oppose restricting travel and trades against China boosted market confidence, even though the organization declared a global health emergency,” announced Margaret Yang, market analyst at CMC Markets.

Brent crude futures LCOc1 were 68 cents higher at $58.97 a barrel by 07:38 GMT, after falling 2.5% in the previous session.

However, U.S West Texas Intermediate (WTI) futures CLc1 were up by 70 cents to $52.84 a barrel.

The World Health Organization declared that the virus killed more than 200 people and spread to almost 18 countries.