SINGAPORE, Oct 4 (AFP) - Crude oil prices eased below 50 US dollars a barrel in Asian trade Monday after tensions between rebel factions in Nigeria eased over the weekend, dealers said.
At 11:40 am (0340 GMT), New York's reference contract, light sweet crude for November delivery was at 49.75 dollars a barrel, down from the record close in New York of 50.12 on Friday.
Unrest in Nigeria had raised concerns about supply from the country, which ships some 2.5 million barrels per day, forcing prices higher.
However, the two rebel groups fighting for control of oil resources in the Niger Delta region signed a government-brokered ceasefire and disarmament agreement on Friday after months of violence.
The leader of the Niger Delta People's Volunteer Force, Mujahid Dokubo Asari, then assured his arch rival, Niger Delta Vigilantes chief Akete Tom, on Sunday that he was ready to maintain the peace.
The rebels had threatened to go to war if their demands for a bigger slice of Nigeria's oil wealth, greater autonomy for their Ijaw people and a national debate on Nigeria's problems were not met.
Most of the 2.5 million bpd produced by Nigeria, which is the fifth largest oil supplier to the United States, comes from the Niger Delta.