Oil gives up gains after US GDP lags estimates 

Oil prices are flat with a report showed the U.S. economy grew at a slightly slower than expected pace in the fourth quarter.

The Commerce Department said Friday that the economy grew at a modest 2.8 percent in the final three months of last year. While that is the fastest growth in 2011, economists expected 3 percent growth.

Benchmark crude for March delivery was down 5 cents at $99.65 in early trading on the New York Mercantile Exchange. The price had risen above $100 a barrel earlier as the market continues to await the outcome of gamesmanship between Iran and Western nations.

Brent crude for March delivery rose 55 cents to $111.40 on the ICE Futures Exchange in London.

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