22 August 2014, News Wires – Brent was trading below $103 per barrel on Friday, heading for a second weekly loss as easing geopolitical risks and higher global oil supply pressured prices, according to a report.
US crude production has reached the highest in 28 years due to a shale oil boom, Reuters reported.
Opec nations pumped more oil in July despite conflicts in the Middle East and Africa.
“The market is still complacent on supply,” ANZ commodity strategist Ankit Pahuja told Reuters.
October Brent crude had slipped $0.10 to $102.53 per barrel by Friday morning.
US crude was down $0.12 at $93.84 per barrel, set to post a fifth straight weekly fall.
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.
“In terms of quantum, Libya is not exporting that much more oil but the market is looking at its returned supplies as it has reopened almost all of its export terminals,” Pahuja told the news wire.
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.
The US pumped the most oil in 28 years, sending crude imports to 19-year lows, industry group American Petroleum Institute said on Thursday.