Oil prices fell on Wednesday, amid the lingering worries over the coronavirus, despite a less-than-expected rise in the US crude inventories data.

Several countries revealed an increase in the number of coronavirus infections, which raised market's concerns over the virus impact on the global economic growth.

The Energy Information Administration (EIA) unveiled today that US oil inventories rose by 0.5 million barrels in the past week, which came lower than forecasts of 2.8 million barrels.

While the American Petroleum Institute revealed yesterday slightly higher figures, as it showed that US inventories rose by 1.3 million barrels.

As for the oil market, WTI crude fell 1.6% to trade at $49.08 a barrel as of 19:35 GMT, after it hit earlier a high of $50.4 and a low of $48.9.

Brent lost 2% to $53.8 a barrel, with a high of $55.4 and a low of $53.6.

Gold futures fell on Wednesday, weighed down by a stronger dollar amid the lingering worries over the coronavirus in global markets.

China revealed that the coronavirus has infected more than 78,000, and its death toll rose to 2,700 people.

The virus death toll increased in France, Italy, China, Japan and South Korea. While first cases of the virus emerged in Austria, Switzerland and Greece, and infections increased in Kuwait, Bahrain and Iran.

President Donald Trump will hold a press conference later today, with health care experts participating, to speak about the extent of the coronavirus impact and spread.

The dollar index rose against a basket of major currencies by 0.1% to trade at 99.1 points as of 19:30 GMT, after it hit earlier an intraday high of 99.2 and a low of 98.9.

Gold April futures fell 0.4% to close at $1,643.1 an ounce, with a high of $1,657.1 and a low of $1,626.6.

The US dollar rose against most of its counterparts today, as investors anticipate the latest developments in the coronavirus health crisis in addition to President Donald Trump's remarks about the matter.

The White House announced that President Trump will hold a press conference later today, with health care experts participating, to speak about the extent of the coronavirus impact and spread.

Trump's remarks will come after the US stock market suffered a 2-day massive drop, due to virus-driven anxiety.

Further cases of the deadly virus emerged in Algeria, Bahrain and Kuwait, while the virus death toll increased in France, Italy, China, Japan and South Korea.

The World Health Organization stressed that the coronavirus is a serious concern, but it has not yet transformed into a global pandemic.

The dollar index rose against a basket of major currencies by 0.1% to trade at 99.1 points as of 19:07 GMT, after it hit earlier an intraday high of 99.2 and a low of 98.9.

The U.S. Department of Housing unveiled today that the new home sales reading in January rose to nearly 13-year high.

The new home sales index rose by 7.9% to 764 thousand housing units  in January, which is the highest level since July 2007.

The average sales price rose by 14% to $248.2K in January 2020, from the same month of 2019.