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Oil pumps work at sunset on Sept. 11, 2013, in the desert oil fields of Sakhir, Bahrain.
Oil pumps work at sunset on Sept. 11, 2013, in the desert oil fields of Sakhir, Bahrain.
(Hasan Jamali/Associated Press)

Why cheaper oil could be here to stay

The price of oil seems to be suffering from a commodity market version of compassion fatigue. Like charity donors who begin to tire of images of suffering, crude oil traders seem to have become weary of tales of Middle East turmoil.

Even as the media reported the military successes of ISIS and held out the prospect of a brutal Islamic caliphate ruling over large oil-producing areas of Iraq and Syria, Brent crude has been on a downward slide, losing more than 10 per cent of its value since the beginning of June.