Oil falls more than $1 as Middle East supply fears ease

By Christopher Johnson LONDON (Reuters) - Oil prices fell more than $1 a barrel on Friday as worries receded over the threat of disruptions to Middle East supplies due to Saudi Arabia-led air strikes in Yemen. Goldman Sachs said the bombing of Yemen would have little effect on oil supplies as the country was only a small crude exporter and tankers could avoid passing its waters to reach their ports of destination. North Sea Brent crude was down 90 cents at $58.29 a barrel by 0640 EDT after hitting an intraday low of $57.76. Oil jumped around 5 percent on Thursday, its biggest daily gain in a month, after air strikes in Yemen by Saudi Arabia and its Gulf Arab allies sparked fears that escalation of the Middle East battle could disrupt world crude supplies. more