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BP Says Oil Spike May Prove Fleeting on U.S.-China Tensions

  • Sufficient oil supply seen in the next 12 months: BP’s Kong
  • U.S.-China trade war could create a ‘demand shock’ in market
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Oil Market Will Rebalance Next Year, BP's Janet Kong Says
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Oil bulls cheered by the prospect of $100 oil beware. A rally in prices may be short-lived.

That’s according to Janet Kong, who heads energy giant BP Plc’s trading business in Asia. Any spike on the loss of Iranian supply due to U.S. sanctions probably won’t be sustainable in the long run, she said. That’s because the negative impact on demand from a trade war between the world’s two biggest economies hasn’t been priced into crude yet.