Today, oil fell to below $57 a barrel, pressured by concerns over the impact of the coronavirus outbreak in China on oil demand and a lack of any further action by OPEC and its allies to support the market.

Brent crude LCOc1 was down $1.04 at $56.63 a barrel by 09:40 GMT. The contract had rallied in the previous five sessions. U.S. West Texas Intermediate crude CLc1 fell 83 cents to $51.22.

“Oil prices remain under pressure as energy traders may have been overly optimistic as to the crude demand impact of the coronavirus, and on fading optimism that OPEC+ will come through with deeper production cuts in March,” Edward Moya, senior market analyst at broker OANDA, announced.