Political turmoil, military conflict fail to boost price of oil as supplies remain plenty

Economic Indicators Associated Press

The oil market has lost its jitters.

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Political turmoil and military conflict in certain global hotspots has typically sent oil prices soaring. There's plenty of that now, but oil is near its low for the year.

The price has fallen by $15 per barrel since mid-summer despite escalating violence in Iraq, OPEC's second largest exporter, and multiple rounds of sanctions by Western nations against Russia, the biggest exporter outside of OPEC, over its involvement in Ukraine.

For all the upheaval, though, oil continues to flow from exporting nations, and production in the U.S. and Canada continues to grow. At the same time, demand in China and Europe has slipped.

Oil rose slightly Tuesday to close at $91.56. Before this week, the last time oil was at these levels was January.