OPEC's Doha meeting: No expectation of a deal – 13 Apr 2016

There is no expectation of a deal from OPEC's April 17th Doha meeting
-- With global inventories swelling and signs that some OPEC members are losing market share, the meeting is unlikely to do much to prop up prices

In this scenario, it remains to be seen how much further oil prices go up from here.
-- The absolute rise in crude inventories in the US -- the highest in the history of the United States -- is a cause of concern for oil markets
-- But there are many who still believe that the market is turning around
-- Speculators are raising their net long position in crude oil. The Commodity Futures Trading Commission (CFTC) report at the end of March said that money managers are long on crude at the net level.
-- The expectation by some brokerage houses is that the WTI oil price will move higher, towards $45 mark while the MCX price may reach the Rs.3000 mark.