Oil falls as Israel embargo concerns fade, Venezuela sanctions to ease | Reuters

Oil falls as Israel embargo concerns fade, Venezuela sanctions to ease | Reuters

Oil prices fell on Thursday, reversing gains in the previous session, after OPEC showed no signs of supporting Iran's call for an oil embargo on Israel and as the United States plans to ease Venezuela sanctions to allow more oil to flow globally.

Brent futures for December fell 0.3%, or 29 cents, to $91.21 a barrel. U.S. West Texas Intermediate (WTI) 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%, or 13 cents, to $87.14 a barrel at 0645 GMT.

Oil prices climbed about 2% 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 U.S., the world's biggest oil consumer, reported a larger-than-expected inventory draw, adding to already tight supplies.