World oil prices fell $2 a barrel on Friday, closing below $50 dollars a barrel for the first time since mid-February.

Crude oil for June delivery was selling at $49.50 a barrel at the close of New York trading.

The decline follows reports that crude oil supplies are growing and economic growth is slowing in the key U.S. market.

Prices spiked earlier when investors thought supplies could not keep up with robust demand.

Some information for this story provided by AP and AFP.