Crude futures in New York rose crossed the $75 per barrel threshold for the first time since 2018 as Opec+ convened to consider bringing more supply back to the markets.
West Texas Intermediate, the key gauge for US crude grades, rose 2.35 per cent to reach $75.20 per barrel at 3.23pm UAE time. Brent, the international crude benchmark, also rose 1.77 per cent to reach $75.94 per barrel.
The benchmarks traded higher as Opec+, the group led by Saudi Arabia and Russia is considering returning an estimated 2 million bpd back to the markets between August and December. Media reports suggest the group, which helped stabilise markets by agreeing to a historic production cut deal last year at the height of the Covid-19 crunch, could extend cuts beyond April 2022.
"The alliance has already helped stoke Brent oil prices beyond $75 per barrel and the producers group is well aware of the impact its policies have on prices," said Louise Dickson, oil markets analyst at Rystad Energy.
"Prices are also rising as initial leaks suggest that Opec+ is considering a 2 million bpd output hike from August through December, with a monthly increase of below 500,000 bpd," she added.
Should the group adopt "a conservative stance" and increase its production in a cautious manner, by bringing 500,000 bpd back to markets, prices will remain supported, amid sufficient demand, Ms Dickson said.
The recent rally in oil prices, fuelled by the possible delay in the return of Iranian crude to the market following the election of hardliner Ebrahim Raisi as president, could well continue, said Jean-Pierre Durante, head of applied research at Pictet & Cie.
The Swiss bank sees Brent testing $85 per barrel by the third quarter before cooling down to $72 per barrel by year-end.
Pictet & Cie significantly revised its estimates of Brent from earlier forecast of $69 per barrel for 2021 and $65 per barrel at the end of 2022.
Teachers' pay - what you need to know
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
Indoor cricket in a nutshell
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Our Time Has Come
Alyssa Ayres, Oxford University Press
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
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