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)
TT

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 Prices Stable on Monday as Data Offsets Surplus Concerns

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
TT

Oil Prices Stable on Monday as Data Offsets Surplus Concerns

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices stabilized on Monday after losses last week as lower-than-expected US inflation data offset investors' concerns about a supply surplus next year.

Brent crude futures were down by 38 cents, or 0.52%, to $72.56 a barrel by 1300 GMT. US West Texas Intermediate crude futures were down 34 cents, or 0.49%, to $69.12 per barrel.

Oil prices rose in early trading after data on Friday that showed cooling US inflation helped alleviate investors' concerns after the Federal Reserve interest rate cut last week, IG markets analyst Tony Sycamore said, Reuters reported.

"I think the US Senate passing legislation to end the brief shutdown over the weekend has helped," he added.

But gains were reversed by a stronger US dollar, UBS analyst Giovanni Staunovo told Reuters.

"With the US dollar changing from weaker to stronger, oil prices have given up earlier gains," he said.

The dollar was hovering around two-year highs on Monday morning, after hitting that milestone on Friday.

Brent futures fell by around 2.1% last week, while WTI futures lost 2.6%, on concerns about global economic growth and oil demand after the US central bank signalled caution over further easing of monetary policy. Research from Asia's top refiner Sinopec pointing to China's oil consumption peaking in 2027 also weighed on prices.

Macquarie analysts projected a growing supply surplus for next year, which will hold Brent prices to an average of $70.50 a barrel, down from this year's average of $79.64, they said in a December report.

Concerns about European supply eased on reports the Druzhba pipeline, which sends Russian and Kazakh oil to Hungary, Slovakia, the Czech Republic and Germany, has restarted after halting on Thursday due to technical problems at a Russian pumping station.

US President-elect Donald Trump on Friday urged the European Union to increase US oil and gas imports or face tariffs on the bloc's exports.

Trump also threatened to reassert US control over the Panama Canal on Sunday, accusing Panama of charging excessive rates to use the Central American passage and drawing a sharp rebuke from Panamanian President Jose Raul Mulino.