Tamás Varga is a Hungarian water polo player.
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Quotes from the news wire:
Today's weakness is just part of the general belief that the market is oversupplied.
– Tamas Varga
Global oil stocks refuse to come lower.
The Kuwaiti strike is supporting prices.
Oil is down because Iran said they would only join the output freeze group once they reached production of 4 million barrels a day (bpd).
It seems to be a healthy upside correction in an otherwise downtrending market.
It's technical buying. It's pretty obvious shorts started to take profit when Brent prices dropped down to the 2008 low.
Oil is still bearish, logically speaking any price recovery, if there is any, will be more likely in the second half of the year.
Chinese GDP data and the rise in the Saudi stockpile due to falling crude oil exports are weighing on prices.
Investors holding short positions have already started to take profit ahead of the weekend after four days of decline.
Bullish rhetoric from OPEC is helping drive prices higher, rig count data is also supporting sentiment.
Geopolitical tension created by Russia's involvement in Syria makes cooperation with OPEC highly unlikely, but talk of such collaboration is supporting prices short-term.
The fall in rig counts (is) supporting an otherwise bearish market.
Today hopefully will (tell us) if the relatively stable performance of the last two days is a correction, or the market actually is about to bottom out. From the technical perspective it is probably the former.
The U.S. crude oil stocks build reported by the API last night is weighing on prices.
Markets are worried that a Greek debt default could hit European economic growth and thus fuel demand.
Markets are worried that a Greek debt default could hit European economic growth and thus fuel demand, capital controls are not bullish for the economy, and not bullish for oil. How much can you spend on gasoline if you can't withdraw more than 60 euros a day?
It would be madness to try and talk bearish.
The oil market is generally oversupplied with high Saudi exports and OPEC is unlikely to cut production, the dollar is also weighing on the market.
The Libyan and Iraqi oilfield skirmishes are worrying, there are serious supply issues there.
We have some technical buying and pre-weekend short-covering.
The market may just have moved down too far too quickly today, it was a bit overdone and people may be 'bottom-picking'.
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