The price of oil slipped below $104 a barrel Monday on expectations that Libya will soon boost its exports of crude.
Benchmark U.S. crude for August delivery fell 53 cents to close at $103.53 a barrel in New York. Brent crude, a benchmark for international oils used by many U.S. refineries, fell 40 cents to close at $110.24 in London.
An agreement in Libya between the central government and a regional militia is expected to lead to the reopening of two oil terminals that would boost the country's crude exports by about 500,000 barrels a day. Libya currently produces around 350,000 barrels of oil a day.