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No reason for oil prices to back off yet-check out Brent crude this morning

Late yesterday evening an update here noted the charge above $90 and $91 in Brent crude oil, following the press reports concerning the situation in the Middle East. That led the June price to rise to $91.28 and so far today it has not backed off from that high much at all. The risks of significant supply disruption is entirely behind this move and it has nothing to do with the immediate demand outlook. Brent crude has traded to $91.30 this morning, but it is a little below that high ahead of the wider European opening. As noted here last night, this is now 100% a headline driven market in terms of dictating any sharp move again today and it would be very unwise to rule those out this side of the weekend. Increasingly, many voices are now talking above $100 per barrel. Brent for June delivery is right now trading at $91.15 

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