Israel lashed out today at "cynical appeasement" by the nine Common Market nations who are "tying to supplicate the Arab oil gods."

Israeli representative Yehuda Blum, addressing a special General Assembly session on Palestinian rights, likened the newly developed West European approach to the Palestine Liberation Organization to the "short-sighted sacrifice" of Czechoslovakia to Hitler in 1938."

"These nations," he said, making clear that he meant the nine without actually naming them, "seem to think that adopting positions which put Israel's security at risk is a cheap price to pay in an attempt to placate the Arab petro-hegemonists."

Arab aims, the Israeli insisted, remain "the destruction of the state of Israel, if not in one fell swoop, then in stages. This is not moderation. It is the cold unvarnished truth, notwithstanding the wishful thinking of certain international figures in Europe and elsewhere."

One of those figures, Gaston Thorn of Luxembourg, is scheduled to address the assembly Thursday on behalf of the Common Market before taking off on a "contact" mission to launch the European peace initiative in the Middle East.

Even before Thorn's appearance, the representatives of Sweden and Japan, speaking at today's sessions, appeared to be articulating an emerging international consensus that is critical of Israeli actions, despairing of the Camp David process and supportive of a Palestinian state and a PLO role in the negotiations.

Blum's 72-minutes speech reached the representatives of only one Arab country, Egypt. The 21 members of the Arab League had their envoys walk out, as did those of at least half a dozen communist countries.

Soviet Ambassador Oleg A. Troyanovsky was among those to quit the hall before Blum spoke. A lower-level Soviet diplomat listened, however, and Troyanovsky later returned to call for a vote that would show support for sanctions against Israel.

The Japanese and Swedish speeches were particularly critical of Israel's actions in Jerusalem and on the West Bank, while both supported the security of the Israeli state.

Blum's words, however, show that Israel has as much disdain for the European efforts as for the special General Assembly session initiated by the PLO.

"The holding of this session in both illegal and preposterous," Blum told the assembly. "It is nothing but the latest stage in the campaign by the Arab enemies of peace to interfere with and, if at all possible, subvert the peace process in the Middle East."

The United States, whose policy would appear to be only slightly less at variance with the emerging consensus than is Israel's is scheduled to address the assembly Thursday.