Oil prices hit 9-month low amid Libya reconciliation

ISLAMABAD: Oil prices fell more than 4 per cent in the global markets, reaching a 9-month low on Wednesday due to reconciliation talks between the two warring factions in Libya.

According to reports, Brent crude future dropped 4.5 per cent to $74.02 a barrel. The decline reflects a significant shift in the global energy landscape.

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The decrease in oil prices is primarily attributed to advancing reconciliation efforts between rival political factions in Libya.

Prolonged conflicts over oil revenues and control of the central bank had previously led to the suspension of oil exports from the country’s major ports. This contributed to uncertainty in the global market.

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Recent developments indicate a bright outlook for reconcilaiiton among the factions. There’s hope of resolution to the ongoing dispute as Libya’s warring factions agreed to a central bank governor to ease crisis.

There is a growing optimism that Libya’s oil production and exports might resume soon.