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Crude oil prices moved higher in early trading on Wednesday before reversing course and heading south again as the day progressed.
West Texas Intermediate crude oil futures for April tumbled $2.00 or 5.76 percent to $32.69 a barrel on Wednesday - wiping out the gains from the previous session.
Crude initially moved higher on Wednesday after China declared that it has basically curbed the spread of the coronavirus disease in Wuhan, the central city at the heart of the global epidemic.
Hopes for stimulus in the face of the epidemic also boosted risk sentiment, but uncertainty reappeared late in the day as investors grew cautious.
Crude fell almost 25 percent on Monday after the bottom dropped out of the oil market when Saudi Arabia threatened to flood the market following a spat with Russia over production cuts.
