Okay,... first piece of news released :-

Doha oil producers close to agreeing on output freeze.

http://www.investing.com/news/commodities-...-sources-395954

In the article : The freeze would last until Oct. 1 this year, and producers would meet again in October in Russia to review their progress in engineering "a progressive recovery of the oil market", the draft reads.

So,... something like the Feds raising rates,...meet and talk first in stages,...and act in steps.

And then : Although a freeze would be a significant step for oil producers, it would have only a limited impact on global supply and the market is unlikely to rebalance before 2017, the International Energy Agency said on Thursday.

The IEA said there will not be mush effect, until next year.

Good, good, then I will have time to buy more,...

And finally : Publicly, Saudi Arabia has taken a tough stance on Iran. Deputy Crown Prince Mohammed bin Salman told Bloomberg in recent days that the kingdom would only restrain its output if all other major producers, including Iran, agreed to freeze their production. It was not clear if Saudi Arabia would stick to this position at the talks.

A bit of uncertainty is added to the flavour here, just to limit the onslaught of the longists, and to give some breathing space to the shortists to cover.

It is mentioned in an earlier part of this article that Saudi has agreed to freeze too,... but don't blame me if another report comes out later today that the Salman fella has changed his mind,....

So,............chances are slim that oil price will go down in the immediate term,...

Bad news for me,......

I hoped that Salman fella will change his mind about doing an output freeze,...

Well,...I'm right - that Salman fella changed his mind :-

DOHA | BY RANIA EL GAMAL AND REEM SHAMSEDDINE

A meeting between OPEC and non-OPEC oil producers on an agreement to freeze output ran into last-minute trouble in Qatar on Sunday due to a new request by OPEC' s de facto leader Saudi Arabia, sources told Reuters.

Oil ministers were heading into a meeting with the Qatari emir, Sheikh Tamim bin Hamad al-Thani - who was instrumental in promoting output stability in recent months - in an attempt to rescue the deal designed to bolster the flagging price of crude.

" There is an issue. Experts are discussing how to find an acceptable solution. I' m confident they will come up with a solution," one of the sources said.

According to another source, Saudi Arabia said it wanted all OPEC members to participate in the talks, despite insisting earlier on excluding Iran because Tehran does not want to freeze production.

OPEC Members will meet in June.

All these guys will meet again in October.

Early flight to SG for AGM with HPH Trust.

From a Bllomberg report posted by AV in the USDMYR Thread:-

Brent crude settled at $43.10 a barrel Friday in London, having risen by more than 50 percent from a 12-year low in January. The failure could drag prices back down to $30 a barrel, Saxo Bank A/S estimated in a report on April 11.
"They are going to get a fairly big sell-off tomorrow," said Amrita Sen, chief oil analyst at Energy Aspects Ltd., a London-based consultant. Production losses in Kuwait due to an oil strike could limit drop, she said.

Let's see how far will both Brent Crude and WTI drop this morning. Will the knee-jerk reaction cause the drop to be severe this morning, or the aftermath will cause a worse situation to take place on Tuesday and Wednesday ?

Now must decide whether to load-up this morning, or wait till Tuesday or Wednesday ? I'll have to trade-on-the-go !!!

Why should WTI be down by 5% tonight ? The effect should have started by now,... traders won't wait until daytime at their side,..

Bro,... WTI touched USD38.00 this morning. It's gone back up to 38.50 s we speak now,....

Dan,... somehow, I 'feel' the days of $25 - $26 are gone, and so are any numbers below $38. It will hover around $40,... till some really good and solid news come along, then rises gradually.

Well,... since what I have are just feelings,...there's not much to debate from my end,..let's see how far will oil drop tonight with Nymex....

Why do I see both Brent and WTI Crude rising ?

Better turn-in,...First REIT AGM this morning,...

Wow,... moving to 41.00 already,...better buy quickly,....

The 'feeling' that I talked about earlier still stands,...to my own detriment too,...

It won't dip for so long, and so much,... that's the feeling,....

Creeping-up, the feeling gain,......

The feeling persists - oil will keep rising,.......

When bad news appears, price stays put or dips slightly.

When the slightest good news appears, price charges up.

The above = Higher Lows and Higher Highs.

THE INTERNAL FEELING PERSISTS, STILL PERSISTS EVER SINCE I MENTIONED THIS BACK WHEN OIL TOUCHED 38.00.[I][U]

It's held in a stadium-like environment. Mr Buffet will speak from the 'stand', all shareholders worldwide are invited,...