Despite war in the Middle East and political turmoil in Libya, investors are focusing on what look like ample global supplies.

Oil prices have perked up recently from a spell of torpor because a political dispute in Libya has curtailed much of the North African country’s output.

Early on Friday, futures for Brent crude oil, an international benchmark, were selling for just over $80 per barrel, an increase of about 5 percent from 10 days ago, before falling back below that mark. Yet considering the degree of political turmoil not only in Libya but in the Middle East, the world’s petroleum hub, the market seems surprisingly calm.

Current price levels can be described in different ways — low, moderate — but they are certainly not high compared with recent historical metrics. The average inflation-adjusted annual price for dated Brent, a metric closely related to oil futures, was $94.91 a barrel from 2010 to

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