Oil leaps 3%, reverses 2-week gain

Oil drilling rigs

Oil prices rose on Friday but ended a two-week gain, with the Fed's preferred inflation measure estimated to slow in September and signs of a recovery in China's economy, which is a major driver of crude demand.

The US drilling rig count rose for the third straight week, adding two units in the week ended Oct. 27, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

Brent crude for December delivery leapt 2.9%, or $2.55, to settle at $90.48 a barrel, but recorded a weekly loss of 1.8%.

WTI contracts for December delivery also jumped 2.8%, or $2.33, to $85.54 a barrel, with a weekly loss of 2.9%.