Crude oil futures at $50 a barrel

Crude oil prices have risen 54% since the New Year

The price of crude oil futures ended above $50 a barrel on Friday, despite rebels in Nigeria's producing region agreeing a truce with the government.

US light crude settled at $50.12 a barrel, up 48 cents, the first time it closed above $50 in its 21 years of trade on New York's Mercantile Exchange

It had hit an all-time peak of $50.47 this week in after-hours trading.

There are concerns about supply in Nigeria and slow production recovery in the hurricane-ravaged Gulf of Mexico.

Crude futures have put on gains in 11 of the last 12 sessions, gaining more than $6, or 14%.

Since the turn of the year, crude prices are up more than $17, or 54%.

Hurricane damage

"This is a bull market and the bias is still to take the complex higher," said Tom Bentz, a market analyst at BNP Paribas Commodity Futures in New York.

In London, Brent crude settled 24 cents higher at $46.62 a barrel on the International Petroleum Exchange.

In its twice-yearly World Economic Outlook earlier this week, the IMF said oil could play a part in growth during 2005.

It added: "The balance of risks has shifted to the downside with further oil price volatility a particular concern."

Oil production in the Gulf of Mexico is still down nearly 29% after Hurricane Ivan damaged facilities.

Some 484,000 barrels a day of oil production was still shut as of Friday, said the US Minerals Management Service.