August oil glut expected to top July, expert says

Oil expert Dan Lundberg says gasoline oversupply is even more of a problem for refiners this month than it was in July, when demand was less than expected, leaving a surplus on the market.

The weekly Lhndberg Letter says oil companies this month are releasing an estimated 8.8 million barrels per day, 7.2 percent more than in July, and "well above any realistic expectation for August demand."