NEWS FLASH

Successful Meet at Doha: Oil Production will be stabilized 

"Qatar, Saudi Arabia, Russia and Venezuela would lead an effort to freeze output at January levels and due to which  Brent crude futures pared gains."

 The large producers met in Doha, Qatar, to discuss measures to tackle a supply glut that's sent prices to 13-year-lows.It had become a global issue as Saudi Arabia was not ready to freeze the supply of oil due to which oil prices went down.

Qatar's energy minister, Mohammad bin Saleh al-Sada, believes that the agreement would help in  stabilizing  the market. Saudi oil minister Ali Al-Naimi said the freeze was "adequate" for the market, and declared the  meeting to be  successful. He added he hoped producers inside and outside OPEC would adopt the proposal.
Qatar is the current holder of the rotating OPEC presidency.
Earlier, news of the meeting news sparked hopes of an eventual deal on supply cuts, after Saudi Arabia-led oil cartel OPEC previously persistently refused to lower its 30 million barrel-a-day production ceiling in a strategy to squeeze out higher cost energy producers, including U.S. shale companies.

Market News

All eyes on the big Meet at Doha,Qatar

Top oil officials from Saudi Arabia, Russia and several key OPEC (Organisation of the Petroleum Exporting Countries) members will be  meeting for  discussion in months, to tackle a devastating supply glut.The Actual agenda of the meeting was unclear till Monday. 

Oil minister of Qatar is also expected to attend the meeting as he will be playing an important role in coordinating the consultations among members.

The talks will be held in Doha,Qatar and it will  involve powerful Saudi Oil Minister Ali al-Naimi and his Russian counterpart Alexander Novak,both of them must reach an accord for any coordinated global action to hold any hope of success.

They will also be joined by Venezuela's Oil Minister Eulogio Del Pino, whos is constantly visiting major oil producers to increase the support for the and halt the trend of  downward oil pricing.The meeting seems to happen after more than 18 months of declining oil prices  below $30 a barrel for the first time in over a decade. The fall has been longer and deeper than anyone predicted, and the mood may be shifting among producers which until now have been determined to defend market share rather than prices.

Crude Oil Trading Strategy for Today

MCX Crude oil Trend Today: The American Petroleum Institute (API) reported today that crude oil reserves has been declining in the United States. Because of this decrease in reserve, crude oil prices have once again getting momentum. Despite the global concerns in International market crude oil supply has not get affected. Yesterday Nymex crude oil also moved slightly upside. Commodity market mainly the crude oil and natural gas trend eyed today on US energy department reports, that are scheduled to release today. Crude oil live trading at 5680 with a loss of 0.1 percent. Natural gas is trading down 0.84 percent at 234.

Commodity Trading MCX Tips for Today

• Sell Crude oil Below 5700 for the Intraday Target of 5660. Keep Stop Loss at  5768.
• Sell Natural Gas today on MCX for the Intraday Target of Rs 234-232 with Stop loss at 243.50. Sell below 238.50. 
• Buy Silver on MCX today for the Intraday Targets of 42550 - 42850 with Stop Loss at 42150.