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Oil rose on Tuesday as investors snapped up bargains after crude benchmarks dropped almost 4% in the previous session, but fears that the spreading coronavirus could wreak far greater economic damage than initially thought capped gains.

Brent crude rose 29 cents, or 0.5%, to $56.59 a barrel by 0212 GMT, after slipping 3.8% on Monday, the largest single-day price fall since Feb. 3. U.S. crude futures climbed 22 cents, or 0.4%, to $51.65, recovering from a 3.7% drop in the previous session.

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