Some guys just are really touchy feely, like me. I hug people, guys and girls, all the time and its never sexual. Although straight guys don't like other guys hugging them usually, especially if they're gay/bi. But yeah see if he's like that with his other close friends, guys and girls.
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It's possible that he may have feelings for you beyond friendship, but hugging can also be a platonic gesture between friends. To know for sure, you can try having a candid conversation with him about your feelings and ask about his intentions.