Libya helps keep Brent below $103

Brent at below $103 per barrel headed for a second weekly loss as easing geopolitical risks and higher global oil supply pressured prices.

Libya is gradually ramping up its oil production after re-opening several eastern ports. It loaded a second tanker at its largest oil export terminal at Es Sider this month after being shut for a year.

Libya’s oil production, although still below the levels of about 1.4 million barrels per day from a year ago, has risen to 612,000 bpd. This was well above the lows of barely 100,000 bpd seen earlier this year.

Exports from Iraq remained near record volumes despite the Islamic insurgency in the north. Crude is also exported from Iraqi Kurdistan via Turkey in defiance of Baghdad.

US crude production has reached the highest in 28 years due to a shale oil boom. OPEC nations pumped more oil in July despite conflicts in the Middle East and Africa. The US pumped the most oil in 28 years; sending crude imports to 19-year lows, industry group American Petroleum Institute.

October Brent crude had slipped $0.10 to $102.53 per barrel while US crude was down $0.12 at $93.84 per barrel, set to post a fifth straight weekly fall.