Oil exports may resume within a few months

LONDON - Brent crude fell almost $2 on Monday to $106 a barrel with traders and investors anticipating the resumption of oil exports from OPEC-member Libya as a civil war there appeared close to an end.

Six months of civil war have left Libya's oil industry in chaos, with fields that once pumped around 1.6 million barrels per day (bpd) deserted and export terminals, pumping stations and pipelines damaged by fighting and sabotage.

But with rebel fighters now in the capital, Tripoli, and the battle for control of the country probably in its final phase, industry executives and analysts said much of the country's oil output could be resurrected within months if peace can be established quickly.