U.S. crude advances on favorable growth data

U.S. crude prices recovered Friday as U.S. economic growth for the second quarter was upwardly revised.

Real gross domestic product (GDP) increased at an annual rate of 4.6 percent in the second quarter of 2014, marking the fastest growth rate since late 2011, according to the "third" estimate released by the Commerce Department Friday.

The revised figure was higher than the previous estimate of increasing 4.2-percent and followed a 2.1-percent contraction in the first quarter.

Moreover, U.S. consumer sentiment improved further in September. The Thomson Reuters/University of Michigan's final reading of the consumer sentiment index climbed to 84.6 in September from a final August reading of 82.5.

However, Brent crude futures stayed flat on economic growth concerns over Asia and Europe and ample crude supply from Libya. Libya's oil output has increased to a recent high level of 925,000 barrels per day, according to the National Oil Corporation of Libya.

Light, sweet crude for November rose 1.01 dollars to settle at 93.54 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery was unchanged to close at 97.00 dollars a barrel.