Oil prices continued to rise as the US market opened today, to head for the first daily gain in 4 day, within recovery attempts from a 2-week low, after the Saudi Minister of Energy reassured the market about the OPEC-Plus measures, but the gains remain ebbed due to lingering fears over the coronavirus outbreak in South Korea, the Middle East and Europe.

US crude rose to $52.01 a barrel, after opening at $51.32, and Brent crude rose to $56.96, after opening at $56.14.

The US crude lost 3.8% yesterday, to post its third daily loss and a 2-week low of $50.46, and Brent crude futures fell 3.9% and posted the lowest since February 13 at $55.16.

These sharp daily losses, which is largest since January 30, came after the rapid coronavirus spread beyond China escalated fears over weaker oil demand in the market.

Oil prices gained around 2% during the past week, to post the second straight weekly gain, after signs of a slowdown in coronavirus infections in China, US sanctions on Venezuela, and Libyan oil output drop.

The Saudi Energy Minister, Prince Abdulaziz bin Salman, expressed today that he is confident about the OPEC-Plus collation, but stressed that the organization has not take any decision regarding the cut agreement yet.

While most experts are almost certain OPEC-Plus will take measures to balance oil markets, due to pressures from the coronavirus outbreak.

CEO of the Saudi Oil Company Aramco, Amin Nasser, told Reuters on Monday that Aramco expects the coronavirus to have an impact on the short-term demand, as consumption will rise in the second half of this year.

China announced today the total of coronavirus infected cases rose to 80,000 cases, and its death toll rose to 2,500 victims, which is ten time larger than impact of the SARS virus in 2002/03.           

The American Petroleum Institute (API) will release later today its preliminary data on US crude inventories, with forecasts for inventories to rise for the fourth straight week, and the US Energy Information Administration will release the official report tomorrow.

The US dollar fell on Tuesday, to deepen losses for the third straight day, on profit-taking from a 3-year peak, and rising market's bets the US Fed will cut interest rates to counter the impact of the coronavirus global outbreak, ahead of key data on the US consumer confidence.

The dollar index fell against a basket of major currencies by more than 0.2% to 99.12 points, after it opened at 99.33 and hit an intraday high of 99.39.

The US dollar fell by 0.1% yesterday, its second straight daily loss, due to to profit-taking from a 3-year high of 99.91 points.

Whilst during the past week, the dollar index gained 0.2%, to post its third weekly gain on strong demand.

The US 10-year treasury yields fell today, after fears increased over the coronavirus spread beyond China, and its potential impact on the US economic growth path.

Accordingly, the interest rate futures for the odds of the Fed to cut rates at the next June meeting rose, and for a cut before the end of the year rose by more than 50%, which weighed down on the US dollar.

Investors are anticipating the release of the CB consumer confidence index for February, later today at 15:00 GMT, with forecasts of 132.6 points vs. 131.6 in January.

European stocks fell on Tuesday, to deepen losses for the fourth straight session at two-month low, as the sell-off continued after the coronavirus outbreak in northern Italy escalated fears over the virus spread in Europe.

The Stoxx Europe 600 index was lower by 0.5% at 11:55 GMT, to hit its lowest level since Dec. 12, after it closed lower by 3.8% yesterday, posting its third straight daily loss.

The pan European index suffered yesterday the largest loss since the UK voted to exit the European Union in June 2016.

Stoxx Europe 600 opened today's session lower, to deepen it losses for the fourth straight day, hitting a 2-month low, with most of the major European exchanges and sectors falling today.

The automotive sector saw the largest losses in Europe today, dropping more than 1.5%, followed by the banking sector's drop by 1.4%.

Italy's FTSE Index fell 0.8%, as fears mounted around Europe's third largest economy, after the coronavirus rapid spread in the north of the country.

The Italian health authorities revealed today 152 confirmed cases of coronavirus, and the virus death toll rose to 7 victims.

This led the Italian government to lockdown 12 northern cities, with Milan and Venice at the center quarantine zone, which account for about 30% of the Italian GDP.

The World Health Organization yesterday has sent a mission to Italy to support authorities and stressed concern about the rapid spread of the virus.

S&P 500 futures fell 0.5% today, after the index closed lower by 3.3% yesterday at Wall Street, and posted its third straight daily loss.

Back to Europe, the Euro Stoxx 50 index lost 0.6%, France's CAC 40 fell by 0.6%, the German DAX shed 0.5%, and the UK's FTSE 100 fell by 0.7%.

Gold prices fell on Tuesday, to drop for the first day in 6 days, retreating from a 7-year high on profit-taking, while investors remained focused on the latest developments in the coronavirus health crisis and its global economic impact.

Gold prices fell 1.6% to $1,632.97 an ounce, after opening at $1,659.30, and earlier hitting an intraday high of $1,663.91.

The yellow metal gained 1% yesterday, to post its fifth straight daily gain and a 7-year high of $1,689.33.

The surge in gold prices and the sharp drop in global stocks came due to investors' risk aversion, on growing fears of the coronavirus rapid spread in South Korea, Italy and Iran.

Consequently this renewed market's bets that the US Federal Reserve will cut interest rates to face the expected impact.

China just announced 508 new cases, bringing the total to 77,658 cases, and 71 deaths related to the virus, bringing the total to 2,663.           

South Korea revealed 84 new cases, with a total of 977 cases, and the Iranian Ministry of Health revealed that 12 victims had died from the virus and the number of infected rose to 61 cases.

Gold stocks at the SPDR ETF remained unchanged yesterday, at a total of 933.94 metric tonnes, the highest level since Nov. 11, 2016.