NAIROBI – Oil prices held above $81 a barrel Friday, just below a one-year high, as signs the global economic recovery is gathering pace fueled investor optimism.

By early afternoon in Europe, benchmark crude for December delivery was up 8 cents to $81.27 a barrel in electronic trading on the New York Mercantile Exchange.

The contract fell 18 cents to settle at $81.19 on Thursday.
Investors have taken heart from evidence that recovery from the global recession is gathering pace.

China said Thursday that its economy grew 8.9 percent in the third quarter, building on recent improvements in industrial production, retail sales and commodity imports.

Associated Press