Plentiful oil supplies are pinning oil prices near a two-year low as the U.S. extends its campaign against Islamic State militants into Syria. Brent crude , which has traded below $100 a barrel for more than two weeks, touched $95.60 a barrel yesterday, the lowest since July 2012, after the broadest Arab-U.S. military coalition since the 1991 Gulf War struck Islamic State targets in Syria. U.S. aircraft began bombing the group six weeks earlier in Iraq, OPEC’s second-largest producer and holder of the world’s fifth-biggest reserves. “The impact for oil prices from the U.S. airstrike is effectively zero,” Giovanni Staunovo, an analyst at UBS AG in Zurich, said yesterday by e-mail. “The market focus has shifted from supply risks to oil glut fears to weak oil demand from China, Europe and Japan .” An increase in global crude supply that prompted the Organization of Petroleum Exporting Countries to consider […]