Oil climbed today as investors sought bargains after crude benchmarks slumped almost 4% in the previous session, although concerns about the coronavirus spreading out of China and curbing major economies and fuel demand capped gains.

Brent crude rose 49 cents, or 0.9% to $56.79 a barrel by 0751 GMT, after slipping 3.8% on Monday.

U.S. crude futures gained 42 cents, or 0.8%, to $51.85, recovering from a 3.7% drop in the previous session.

Crude markets are also close to an important technical support level between $49.50 and $50 a barrel for WTI and between $54.50 and $55 for Brent.