Oil near its low for the year despite turmoil

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Oil near its low for the year despite turmoil
FILE - In this Aug. 3, 2014 file photo, an oil pump works at sunset in the desert oil fields of Sakhir, Bahrain. 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. (AP Photo/Hasan Jamali, File)

NEW YORK (AP) — The oil market has lost its jitters.

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.



 

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