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BP Makes Small Oil Trading Loss as Permian Bottlenecks Bite

  • U.S. oil market suffered wild gyrations during second quarter
  • BP posted an overall profit in trading thanks to natural gas
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BP's Dudley on Divestment, Oil Prices, Investment
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BP Plc reported a small and unusual loss from oil trading after being caught on the wrong side of Permian basin pipeline bottlenecks that prompted wild gyrations in U.S. crude prices this year.

“A lot of people got a little bit caught up in the bottlenecks in the Permian, we had some of that," BP Chief Executive Bob Dudley told Bloomberg TV in an interview, adding that the trading loss was "very, very small".