The Organization of the Petroleum Exporting Countries (OPEC) and its allies could bring forward their March meeting to February to discuss the impact on oil demand from the virus flare-up.
Oil has fallen $10 a barrel this year to $56, lower than the level many OPEC countries need to balance their budgets.
Oil prices edged higher earlier in the session after the World Health Organization declared an worldwide health emergency with the novel coronavirus outbreak in China, but did not recommend travel restrictions, saying there was no reason for measures that affect global travel and trade.
Brent crude LCOc1 rose 85 cents, or 1.43%, to $60.36 a barrel by 0418 GMT.
WTI ended at USD51.56 USA per barrel on the New York Mercantile Exchange, while Brent crude set at USD58.16 per barrel on the London ICE Futures Exchange, going under the USD60 threshold.
The price for a barrel of oil dipped below $50 United States a barrel for the first time since January 2019 on Monday.
Both benchmarks had risen more than $1 a barrel early in the session. Supply chains across the world's second-largest economy have also been disrupted, prompting its biggest refiner Sinopec to cut output.
The decline in oil prices was attributed to the increase in crude oil inventories and the coronavirus outbreak that was feared to reduce demand in China.
"It seems nearly certain that the coronavirus will curb Chinese economic growth and commodities demand this quarter", Capital Economics analysts said in a note.
However, he added that oil prices will remain vulnerable to downward pressures until China "reverses the virus tide".
The big concern remains China and the global emergency that demands a coordinated and rapid solution so as not to impact wider economic growth. The Purchasing Managers' Index (PMI) fell to 50.0 from 50.2 in December, China's National Bureau of Statistics (NBS) said. The 50-point mark separates growth from contraction on a monthly basis.
The poll of 50 economists and analysts was conducted mainly before the new coronavirus outbreak.
"Oil's January correction, a 13% drop to be exact, was ripe for a bounce", said Edward Moya, senior market analyst at OANDA in NY.
Still, global supplies remain abundant.
Earlier this month, price had risen above $70/barrel, following the face-off between United States and Iran after US air strike had killed a top Iranian military commander.