Oil: Prices headed northwards - BBH

Analysts at BBH note that the brent oil edged to a new high today of almost $75.30 and while WTI for June delivery is firm, but it has held below last week's high ($69.55). 

Key Quotes

“The market is anticipating another drawdown of US inventories.  There the May 12 deadline for the Iranian decision from the White House is beginning to become a market factor.  One camp, which includes some of Trump's new national security team, and internationally, by Saudi Arabia and Israel, advocate a hardline, while Europe (Macron and Merkel this week) want to add and build on the agreement to include a ban on missile tests.”