RIYADH: Saudi Arabia’s benchmark Tadawul All Share Index closed 0.88 percent lower to reach 12,739 points on Wednesday. While the parallel market, Nomu, climbed 1.03 percent to 24,796.19 points. Chubb Arabia Cooperative Insurance Co. gained 9.93 percent to lead the gains in the final trading session. Rabigh Refining and Petrochemical Co. fell 5.71 percent despite turning a profit of SR2 billion ($533 million) in 2021. In the financial sector, share prices of Al Rajhi Bank dropped 1.03 percent. The shares of Saudi Aramco, a dominant player on the Saudi stock market, edged down 2.91 percent. Oil prices declined sharply as investors assessed the US ban on Russian oil imports. Brent crude fell $3.42 to $124.56 per barrel, while US West Texas Intermediate fell $3.59 to $120.11 per barrel, as of 3:30 p.m. Saudi time.