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Brent crude has inched higher today, trading....>

OIL
OIL: Brent crude has inched higher today, trading at USD70.64/bbl and 12 cents
off the YTD high. WTI similarly hit a fresh multiyear high today before pulling
back. The May-19 contract trades at USD63.38/bbl, 11 cents off the high.
- Fighting in Libya is at risk of spilling over to the capital Tripoli and
threatening disruption to oil supply. Head of the Libyan National Army Khalifa
Haftar is reportedly moving his forces towards the base of the UN-backed
internationally recognised government.
- UAE Energy Minister Suhail Mohammed Faraj Al Mazroui has indicated that
progress is being made on oil cuts this month.
- According to Iranian Oil Minister Namdar Zanganeh, Iran and Iraq have reached
an initial agreement to jointly develop the Naft Shahr and Khoorramshahr oil
fields.

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