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Investing.com – Oil Prices rebounded from the lowest level in more than a year on Tuesday in Asia, but analysts said the recent coronavirus outbreak remained as a major headwind for the markets.

U.S. Crude Oil WTI Futures rose 1.3% to $50.20 by 12:20 AM ET (04:20 GMT), while international Brent Oil Futures also gained 1.3% to $53.98.

Despite today’s gains, oil markets remained under pressure from worries over weakening demand due to the coronavirus.

In a note sent to clients, Ned David Research said the coronavirus is a “true black swan” for the oil and energy market for this calendar year.

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