NEW YORK – Faster-than-expected economic growth in the United States helped the price of oil reverse early losses Friday and climb back above $86 a barrel. By early afternoon in Europe, benchmark oil for December delivery was up 22 cents to $86.27 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 32 cents to finish at $86.05 a barrel in New York on Thursday. In London, Brent Crude was up 45 cents to $108.94 on the ICE Futures exchange. The US Commerce Department said gross domestic product grew by an annual 2 percent in the third quarter. That was in contrast to 1.3 percent annual growth in the second quarter and analysts' expectations of a 1.8 percent rise for July-September. Earlier in the session, the Nymex contract fell to $85, its lowest point since July, driven down by ample supplies and concerns about growth prospects in Europe. Crude oil prices continue to remain under pressure. – AP
