A few minutes before the price fell below $ 56 per barrel for the first time since last August 7.
While the March WTI oil futures price contracted 1.86% to $ 51.17 per barrel.
Investors continue to assess the effects of coronavirus spread throughout the world.
Since the end of December 2019, a new strain of the coronavirus was detected in the Chinese city of Wuhan, more than 9,900 cases of pneumonia have been confirmed on a global scale, although the more than 200 lethal ones are currently limited only to China and its most are concentrated in the province of Hubei, where the outbreak originated.
On January 30, the World Health Organization (WHO) decreed an international emergency for the spread of the new coronavirus, although it did not recommend restricting the movement of people or goods in relation to the outbreak.
Several airlines were forced to suspend flights to China for fear for the safety of their customers and staff, and for the decrease in the demand for travel to that Asian country.