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Oil prices rose over 1 percent on Friday and remained on track to post their first weekly gain in six weeks on hopes that the Organization of the Petroleum Exporting Countries and its allies could agree further output cuts when they next meet, possibly as early as this month.

Benchmark Brent crude rose over 1 percent to $56.92 a barrel, after having risen 1 percent on Wednesday. Prices were up more than 4 percent for the week, marking the first increase since the week of Jan. 10.

U.S. West Texas Intermediate (WTI) futures were up 1.25 percent at $52.05 and were up more than 3 percent for the week.

According to media reports, OPEC and its allied producers are considering cutting output by up to 2.3 million barrels per day after oil demand in China plunged because of travel restrictions to and from the country and quarantines within it.

Concerns over the coronavirus outbreak eased somewhat after the World Health Organization said there was no major shift in the coronavirus's pattern of mortality or severity, despite a dramatic increase in Hubei province.

On the trade front, the United States and China have lowered tariffs on each other's goods today as part of the "Phase One" trade agreement.