Global oil prices have fallen to their lowest level in nine months, with Brent crude futures dropping by 4.5% to $74.02 per barrel, the 24NewsHD TV channel reported on Wednesday.

The decline in prices is attributed to a recent reconciliation between rival factions in Libya, which has raised expectations for the resumption of oil production and exports from the country.

According to international media reports, the agreement between the conflicting parties in Libya could lead to increased oil production and export activity, easing supply constraints.

The ongoing dispute over control of oil revenues between Libya's central bank and other factions had previously halted exports, contributing to supply disruptions in the global market.