Brent traded at its lowest price in more than three weeks as Libya prepared to restart exports from two oil ports that were closed for about a year.

Reuters reported that Brent was down ten cents at $110.54 a barrel, while US oil declined 33 cents to $103.73 a barrel.

Libya has recently ended an oil crisis by signing an agreement with rebels to reopen two oil terminals.

"Brent hit this year’s high above $115 in June, when violence broke out in northern Iraq."

The news agency said the two ports had been exporting around 500,000bpd of crude, still a long way below the 1.4 million barrels pumped in the second quarter of last year before protests began.

Violence in Iraq and Ukraine is also expected to affect oil prices.

Brent hit this year’s high above $115 in June, when violence broke out in northern Iraq.

Iraq Prime Minister Nuri al-Maliki recently said he expects parliament to form a new government in its next session.

Energy