July was the worst month for crude oil in a year. The usual seasonal boost in demand that could be helping prices is lackluster right now, Barclays’ Michael Cohen and his team wrote in a note on Monday. This postpones any chances for the market to balance out, he said.Summer is usually the best season of the year for excess inventories in both crude and refined products like gasoline to drop. After a few busy months of road trips, the oil market enters a so-called shoulder season, and refineries wind down to prepare for higher heating-oil demand.US stockpiles are at the highest level for this time of year in at least two decades, according to Bloomberg. And inventories could build up even more during this period.
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