Oil ends above $50 on Nigeria fears

[NNN0LHI]

http://www.alertnet.org/thenews/newsdesk/L01360033.htm

NEW YORK, Oct 1 (Reuters) - Oil prices ended above the $50-a-barrel mark on Friday amid concern over possible conflict in Nigeria's oil-producing delta region, where a two-day truce between rebel militia and government forces is holding.

U.S. light crude <CLc1> settled at $50.12 a barrel, up 48 cents on the day. It is the first time the benchmark contract has closed above $50 in its 21 years of trade on the New York Mercantile Exchange. It hit an all-time peak of $50.47 earlier this week in after hours trading.

London Brent crude <LCOc1> was 27 cents up, at $46.65 a barrel.

Nigeria's government on Friday called off gunships and helicopters sent to attack the rebel militia, salvaging talks and averting a threatened rebel offensive.

more...It used to be that oil prices above $30-a-barrel would just about guarantee a recession in the US.