Oil prices fall more than $1 as supply threat eases

Oil prices fell more than $1 on Friday, after sharp gains in the previous session, as worries of a disruption to crude supplies due to Saudi Arabia-led air strikes in Yemen eased.



Goldman Sachs said in note that the strikes in 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.



Brent crude was at $58.18 a barrel at 0421 GMT, down $1. It fell to $58.17 earlier in the session. U.S. crude was down $1.06 at $50.37 a barrel, after dropping to a low of $50.25 earlier in the day.



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Posted in: Indian Market Tips