Israeli Airlines Launch First Direct Flights to Morocco

An Israeli worker sprays disinfectant on the stairs of an Israir airplane at Ben Gurion airport near Israel’s Tel Aviv, in this file picture taken on June 14, 2020, amid the Covid-19 pandemic. (AFP)
An Israeli worker sprays disinfectant on the stairs of an Israir airplane at Ben Gurion airport near Israel’s Tel Aviv, in this file picture taken on June 14, 2020, amid the Covid-19 pandemic. (AFP)
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Israeli Airlines Launch First Direct Flights to Morocco

An Israeli worker sprays disinfectant on the stairs of an Israir airplane at Ben Gurion airport near Israel’s Tel Aviv, in this file picture taken on June 14, 2020, amid the Covid-19 pandemic. (AFP)
An Israeli worker sprays disinfectant on the stairs of an Israir airplane at Ben Gurion airport near Israel’s Tel Aviv, in this file picture taken on June 14, 2020, amid the Covid-19 pandemic. (AFP)

Two Israeli airlines launched their first commercial flights between Israel and Morocco on Sunday, less than a year after the countries officially normalized relations.

Israir's flight departed Tel Aviv for Marrakech with around 100 Israeli tourists, the company said, hours before Israeli national carrier El Al dispatched its first direct flight to the same destination.

Israeli Tourism Minister Yoel Razvozov said the new direct flights would “help advance fruitful tourism, trade and economic cooperation and diplomatic agreements between the two countries.”

Israel and Morocco agreed to normalize relations in late 2020 as part of the US-brokered “Abraham Accords.” Morocco was among four Arab nations, including the United Arab Emirates, Bahrain and Sudan, to establish diplomatic relations with Israel.

As part of the deal, the United States agreed to recognize Morocco’s claim to the long-disputed Western Sahara region.

Many Israeli Jews have lineage that traces back to Morocco, which is still home to a small Jewish community of several thousand.

El Al said in a statement before the departure of its first flight that the company plans to operate five flights per week between Israel and Morocco.

“We hope that now many can know Morocco better, to experience and be excited by this special country that is deeply rooted in Israeli heritage, culture and experience,” said El Al CEO Avigal Sorek.



Oil Falls as Market Eyes US-China Trade Talks, Storage Report Mixed

The Phillips 66 Carson refinery is shown after the company said it will shut its large Los Angeles-area oil refinery late next year, delivering a blow to California's fuel supply, in Carson, California, US, October 17, 2024. (Reuters)
The Phillips 66 Carson refinery is shown after the company said it will shut its large Los Angeles-area oil refinery late next year, delivering a blow to California's fuel supply, in Carson, California, US, October 17, 2024. (Reuters)
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Oil Falls as Market Eyes US-China Trade Talks, Storage Report Mixed

The Phillips 66 Carson refinery is shown after the company said it will shut its large Los Angeles-area oil refinery late next year, delivering a blow to California's fuel supply, in Carson, California, US, October 17, 2024. (Reuters)
The Phillips 66 Carson refinery is shown after the company said it will shut its large Los Angeles-area oil refinery late next year, delivering a blow to California's fuel supply, in Carson, California, US, October 17, 2024. (Reuters)

Oil prices edged lower on Wednesday, after bouncing back from a sharp sell-off earlier in the week, as investors turned their focus to US-China trade talks this weekend.

Brent crude futures were down 71 cents a barrel, or around 1.14%, at $61.44 a barrel by 12:00 p.m. ET (1600 GMT), while US West Texas Intermediate crude was down 66 cents, or 1.12%, lower at $58.43 a barrel.

The US and China are due to meet in Switzerland, which could be the first step toward resolving a trade war disrupting the global economy.

The US-China trade talks come after weeks of escalating tensions that have seen duties on goods imports between the world's two largest economies soar well beyond 100%.

"While the meeting may signal a thaw, expectations for a breakthrough remain low," said Thiago Duarte, market analyst at Axi. "Unless the US receives major trade concessions, further de-escalation seems unlikely," he said.

Investors also awaited the upcoming Fed update on Wednesday. They expect the policy rate to remain in the 4.25%-4.50% range until the Fed's July 29-30 meeting.

Meanwhile, US crude inventories fell by 2 million barrels to 438.4 million barrels last week, the Energy Information Administration (EIA) said on Wednesday, compared with analysts' expectations in a Reuters poll for a 833,000-barrel draw.

However, gasoline inventories rose, raising concerns among analysts of weak demand ahead of a major driving holiday in the US later this month.

"This is the first bad report for gasoline in a couple of weeks. The refiner had been cranking up the utilization rate. But today in this report it went backwards," said Bob Yawger, director of energy futures at Mizuho.

Limiting the losses, some US producers have signaled that they would cut spending, cautioning that the country's oil output may have peaked.

Additionally, conflict in the Middle East between Israel and the Houthis increases the geopolitical risk premium, said Tamas Varga, an analyst at PVM.