* Brent falls after brief recovery in previous session
* Supplies pressure prices but geopolitical tensions cap
* Coming up: U.S. weekly jobless claims - 1230 GMT
By Seng Li Peng
SINGAPORE, Aug 14 Brent crude fell below $104 a
barrel on Thursday, after briefly bouncing in the previous day
off a 13-month low, on ample supplies and concerns about weak
demand despite the ongoing political turmoil in Iraq and
Oil exports from Libya's Ras Lanuf port have resumed after
an oil tanker carrying 670,000 barrels of crude left its oil
terminal. This was its first shipment since the port was
reopened following a year of blockades by armed protesters.
Besides the abundant supply, there were also concerns about
demand after an unexpected increase in U.S. crude stocks. Its
inventories rose by 1.4 million barrels last week, data from the
Energy Information Administration (EIA) showed on Wednesday,
against analysts' expectations for a 2 million-barrel drop in
September Brent crude fell 50 cents to $103.78 a
barrel by 0247 GMT after settling at $104.28 on Aug. 13.
The September contract expires on Thursday.
U.S. crude was down 28 cents at $97.31 a barrel.
"The supply outlook has been pretty rosy. OPEC production
has been pretty good. Supply in Iraq is unaffected," said Phin
Ziebell, economist at the National Australia Bank (NAB).
Fresh Chinese data, including its implied oil demand,
fixed-asset, property investment and retail sales, released on
Wednesday pointed to a weak economic outlook.
The world's top energy consumer's implied oil demand was
down 6 percent in July from June as crude runs fell. On the
other hand, China exported its highest net volume of fuel so far
U.S. crude oil production is expected to go higher. The EIA
revised its estimates of crude production forecasts for this
year to 8.5 million barrels per day (bpd) compared to a previous
estimate of 8.42 million bpd, and for next year's output to 9.3
million bpd from 9.27 million bpd previously.
The 2015 forecast represents the highest annual average
level of oil production since 1972.
IRAQ TENSIONS PERSIST
The fall in oil prices, though, could be capped by the
persisting tensions in Iraq although supplies have not been
"The situation in the North is desperate but the reality is
the majority of the crude production is concentrated in the
South of the country," said Ziebell of NAB.
Thousands of civilians are currently under siege from Sunni
militant fighters and a team of U.S. military and aid personnel
landed on Iraq's Mount Sinjar to assess how to evacuate them.
The European Union is also looking into how it could tighten
sanctions to stop Islamic State militants from selling oil from
fields they have overrun in Syria, a European diplomat said on
(Editing by Muralikumar Anantharaman)