New York (CNN Business) Crude oil has crashed into yet another bear market on fears that the coronavirus outbreak will destroy demand in China, the world's largest crude importer.

US oil tumbled another 2.8% on Monday and briefly broke below $50 a barrel for the first time since January 2019. Crude finished at $50.11 a barrel, leaving it down nearly 21% from the recent closing high of $63.27 a barrel on January 6. A bear market is frequently defined as a drop of more than 20% from previous highs.

"There's a lot of fear in the market. And a lot of forced liquidations," said Ryan Fitzmaurice, energy strategist at Rabobank.

Oil prices had been on the rise to start the year as investors bet the US-China Phase One trade deal would revive the global economy. Crude also momentarily spiked on surging tensions between the United States and Iran.

Read More