Oil prices up at close, weekly losses surpass 3%

Oil drilling rigs

Oil prices rose during Friday's session, influenced by the Chinese government's stimulus plans for the world's second-largest economy. However, oil contracts ended a two-week streak of gains.

At settlement, Brent crude futures for November delivery increased by 0.55%, or 38 cents, to $71.98 per barrel, bringing its weekly losses down to 3.35%.

Meanwhile, West Texas Intermediate (WTI) crude for November delivery increased by 0.75%, or 51 cents, to $68.18 per barrel, but recorded a weekly decline of 3.95%.

Data from Baker Hughes indicated a decrease of four oil drilling rigs, resulting in a total of 484 rigs for the week ending Sept. 27, marking the first decline in six weeks.

The People's Bank of China cut interest rates and injected liquidity into the banking system to support its economic growth target of 5% for the year. Additional financial measures are expected to be announced ahead of the Chinese holidays starting Oct. 1.