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

Sharon Cho, Serene Cheong
BP Says Oil Spike May Prove Fleeting on U.S.-China Tensions

Oil bulls cheered by the prospect of $100 oil beware. Any spike on the loss of Iranian supply due to U.S. sanctions probably won’t be sustainable in the long run, she said. Kong’s comments stand in contrast to views from officials at major oil-trading firms Trafigura Group and Mercuria Energy Group Ltd., who see a looming supply crunch driving global benchmark Brent crude to $100 a barrel for the first time in four years.