Cryptic crossword clue
Oily liquid cools off, covering middle of street 7

The most common and most likely answer to this crossword clue is the 7 letter word CREOSOL

I've seen this crossword clue in The Guardian
C
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Buddy explains!

The straight part
We know that "Oily liquid" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case oily liquid = creosol.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does CREOSOL mean?

CREOSOL noun
  1. The methoxy phenol 2-methoxy-4-methylphenol that is a constituent of creosote

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