Oil, Cheaper than KFC? While investor sentiment appears to remain fragile, it seems as though the worst of the market sell-off may now be behind us. Oil has bounced off recent lows, however it still trades at US$33 a barrel, well down from its 2014 peak of U$115 and in today’s daily we discuss just how cheap oil prices have become. All else equal, NZ Refining (NZR) benefits form a lower crude oil price, and NZR share have performed strongly in recent times (+18.5% since Sep 15) and are held in our NZ model portfolio. Oil, Cheaper than KFC The oil price has fallen over 70% since 2014 and now sits at around US$30 a barrel. A number of factors have contributed to the price decline, but ultimately an oversupply issue problem has been the major catalyst of the selloff.  The US is relying more on fracking and OPEC has refused to cut its production. Demand simply hasn’t been able to keep pace with the additional supply and pure economic dictates that lower prices were needed to find an equilibriu...