Oil prices fell on Friday, weighed down by escalating fears over the coronavirus spread in China and several other countries.

The World Health Organization urged taking quick measures to contain the virus before developing further and gets out of control.

China revealed today that coronavirus death toll rose to 2,250 victims and has infected almost 76,000 cases, as Italy also confirmed 10 cases in north of the country.

Otherwise, Baker Hughes will be release its count for the US oil and natural gas drilling rigs later today.

West Texas intermediate crude fell by 1% to trade at $53.3 a barrel as of 17:44 GMT, with a high of $53.8 and a low of $52.5

Brent crude fell by 1.5% to $58.3, after it hit a high of $59.2 and a low of $57.7.

The British pound sterling rose against most major currencies on Friday, following the release of strong economic data and a drop in the US dollar.

Data showed today that the UK's manufacturing PMI rose to 51.9 points, beating estimates of 49.7 and higher than 50 in January.

While the services PMI fell to 53.3 points vs. 53.9 points January, and fell short of expectation of 53.4 points.

The global markets are still focused on developments about the coronavirus health crisis, as its spread increased again in China and multiple other countries.

As of 20:19 GMT, GBP/USD rose by 0.6% to 1.2965, after the pair hit an intraday high of 1.2982 and a low of 1.2874.

Baker Hughes revealed today that the US crude drilling rigs rose this week by 1 rig to 679 rigs.

The natural gas rigs held at 112, with the total of oil and gas rigs rising by 1 to 791 rigs.

The US dollar fell against most major currencies on Friday, to deepen its losses after the release of weak US economic data.

The IHS Markit data showed that the US manufacturing and service sectors PMIs fell in February.

The minutes of the latest Federal Reserve's meeting showed that the FOMC members were confident in the US economic growth rate, but stressed concerns over the coronavirus impact on major companies business, which was reflected in Apple's revenue cut earlier this week.

China revealed today that coronavirus death toll rose by 118 to 2,25 victims and has infected almost 76,000 cases, as Italy also confirmed several cases alongside Lebanon.

The dollar index fell against a basket of currencies by 0.6% to 99.2 points at 19:37 GMT, after it hit an intraday high of 99.8 and a low of 99.2.