Brent Below $103 as Oil Glut Persists

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.

* WTI heads for fifth weekly loss
* U.S. crude output hits 28-yr high on shale oil boom
* Libya loads 2nd cargo at largest port Es Sider
* Centurion to send more oil from Permian Basin to Cushing

U.S. 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 the Middle East and Africa.

"The market is still complacent on supply," said Ankit Pahuja, a commodity strategist at ANZ bank, pointing to rising oil inventories in Europe.

October Brent crude edged up 6 cents to $102.69 a barrel by 0642 GMT. The contract was down 1 percent for the week so far.

U.S. crude was unchanged at $93.96 a barrel, but was set to post a fifth straight weekly fall.
Libya is gradually ramping up its oil production after reopening 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 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 said.

Libya's oil production, although still below the levels of about 1.4 million barrels per day (bpd) 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 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 as Centurion Pipeline LP has reversed a pipeline to move more oil from the Permian Basin to the Mid-West to ease a supply bottleneck.

STRONG DOLLAR HITS OIL
U.S. dollar strength was also putting downard pressure on commodities, including oil, said Ric Spooner, chief analyst at CMC Markets.

The dollar hovered just below its 2014 peak against a basket of major currencies early on Friday. A stronger dollar makes U.S. dollar denominated commodities more expensive for holders of other currencies.

Investors are closely watching a speech by Federal Reserve Chair Janet Yellen due later at the central bankers' meeting in Jackson Hole, looking for any signals on the timing of a U.S. interest rate increase.

By Seng Li Peng