Monsha’at’s CEO Forum inks 8 agreements to propel SME sector

Monsha’at’s CEO Forum inks 8 agreements to propel SME sector

Oil Updates — crude falls as Israel embargo concerns fade, Venezuela sanctions to ease

TOKYO: Oil prices fell on Thursday, reversing gains in the previous session, after the Organization of the Petroleum Exporting Countries showed no signs of supporting Iran’s call for an oil embargo on Israel and as the US plans to ease Venezuela sanctions to allow more oil to flow globally.

Brent futures for December fell 0.3 percent, or 29 cents, to $91.21 a barrel. US West Texas Intermediate futures for November, which expire on Friday, was nearly flat at $88.34 per barrel, up 2 cents from its settlement price.

The more active December WTI contract fell 0.2 percent, or 13 cents, to $87.14 a barrel at 9:45 a.m. Saudi time.

Oil prices climbed about 2 percent in the previous session on concerns about disruptions to global supplies after Iran called for an oil embargo on Israel over the conflict in Gaza and after the US, the world’s biggest oil consumer, reported a larger-than-expected inventory draw, adding to already tight supplies.

OPEC is not planning to take any immediate action on Iran’s call, sources told Reuters, easing concerns over potential disruptions.

Israel imports about 250,000 barrels per day of oil, mainly from Kazakhstan, Azerbaijan, Iraq and