There's a "Last Ugly Chapter" for Crude Oil, and We Haven't Hit It Yet

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Oil markets at least briefly appeared to be oversupplied by about 350,000 barrels of crude per day last week, based on an average of major investment bank estimates, according to Tom Kloza, global head of energy analysis at oil price information firm OPIS.

However, even if crude supply moves unmistakably into balance, markets will still have to work through record stocks of refined products, particularly gasoline, Kloza said. That glut of fuel, which he expects to slam markets between Labor Day and the presidential election, will mark the "last ugly chapter" of the two-year oil price rout.

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