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Crude oil prices surged higher on Friday with traders creating fresh long positions amid hopes the coronavirus impact may not weigh on the global economy for long.

Hopes that the Chinese central bank will step up stimulus to boost growth further aided sentiment and pushed up oil prices.

West Texas Intermediate crude oil futures ended up $0.63, or about 1.2%, at $52.05 a barrel.

On Thursday, WTI crude oil futures gained $0.25 to settle at $$51.42 a barrel, after having surged up $1.23 to $51.17 a barrel a session earlier.

On Wednesday, WTI Crude oil futures for March ended up $1.23, or about 2.5%, at $51.17 a barrel.

Brent crude oil futures gained $0.89, or 1.6%, at $57.23 a barrel.

For the week, WTI crude oil futures gained about 3.3%, recording their first weekly gain since early January.

The Organization of the Petroleum Exporting Countries and allied producers are reportedly considering deepening production cuts. Russia, which seemed reluctant to agree on deepening output cuts, is now reported to be considering reducing output due to increasing inventory levels.

According to a report released by Baker Hughes this afternoon, U.S. energy firms added two oil rigs this week. With this, the total rig count has risen to 678.