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Brent was slightly higher but still trading below $103 a barrel on Friday, heading for a second weekly loss as easing geopolitical risks and ample global oil supply pressured prices. US crude production has reached the highest in 28 years due to a shale oil boom. The Organization of the Petroleum Exporting Countries pumped more oil in July despite conflicts in West Asia and Africa.
October Brent crude edged up six cents to $102.69 a barrel by 0642 GMT. The contract was down 1 percent for the week so far. US crude was unchanged at $93.96 a barrel. The United States pumped the most oil in a month in 28 years in July, sending crude imports to 19-year lows, industry group American Petroleum Institute said on Thursday. Oil inventories at West Texas Intermediate's delivery point at Cushing, Oklahoma could also rise soon.
