Global hot spots are quickly forgotten by oil traders
But geopolitical risks remain intact; investors could be setting themselves up for a surprise by driving oil down so far
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Melbourne
BACK when oil traded at US$115 a barrel in June, traders were talking about the fighting in places like Iraq, Ukraine and Libya as part of the reason it was so high.
Fast forward seven months and while crude has faded to US$50 a barrel amid a supply glut, those geopolitical risks - along with some new ones that emerged - remain largely intact. Islamic State militants haven't given up the goal of a Middle East caliphate, Libya is mired in chaos, pro-Russian separatists keep skirmishing with Ukrainian forces and North Korea is fighting Hollywood.
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