Oil prices continued their rally on Thursday, with Brent, the international benchmark, trading above $71 per barrel.
The international crude benchmark Brent, was trading as high as $71.93 at 7:26am UAE time on Thursday, while West Texas Intermediate (WTI), which tracks US crude grades, rallied to $69.37.
Crude prices have gained due to the improving economic sentiment across the US and Europe and due to indications from Opec over stable growth in demand. Oil prices are up about 40 per cent year-to-date and are at their highest since October 2018.
At a ministerial meeting earlier this week, Opec+, which is headed by Saudi Arabia and Russia, said it decided to stick to its earlier decision to return 2 million barrels per day to the market "with the pace being determined according to market conditions".
"Traders are feeling a lot more optimistic about the reopening of the global economy and the continuation of the vaccination process," said Naeem Aslam, chief market analyst at AvaTrade.
"Traders also understand that the US and Iran's nuclear deal cannot be reinstated that easily and it will take a while before the previous conditions are enacted. This means no immediate increase in oil supply and this is also supposing oil prices."
Opec+ also did not discuss the possible return of Iranian crude supply either at its joint technical meeting on Monday or at the ministerial meetings on Tuesday.
The potential return of Iranian oil and its impact on prices will be considered in "an orderly and transparent fashion", Opec secretary general Mohammed Barkindo said.
Tehran, which resumed negotiations with the US to reinstate its nuclear deal, is looking to conclude talks before its presidential election begins on June 18.
Negotiations over the Iran nuclear deal were adjourned overnight with the parties expected to convene next week.
"The market may be pricing in a later than expected return of Iranian crude as a deal has so far not been forthcoming," Edward Bell, senior director, market economics at Emirates NBD, said in a note on Thursday.
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Juventus v Napoli, Sunday, 10.45pm (UAE)
Match on Bein Sports
Company profile: buybackbazaar.com
Name: buybackbazaar.com
Started: January 2018
Founder(s): Pishu Ganglani and Ricky Husaini
Based: Dubai
Sector: FinTech, micro finance
Initial investment: $1 million
Day 3 stumps
New Zealand 153 & 249
Pakistan 227 & 37-0 (target 176)
Pakistan require another 139 runs with 10 wickets remaining
DSC Eagles 23 Dubai Hurricanes 36
Eagles
Tries: Bright, O’Driscoll
Cons: Carey 2
Pens: Carey 3
Hurricanes
Tries: Knight 2, Lewis, Finck, Powell, Perry
Cons: Powell 3
RESULT
Aston Villa 1
Samatta (41')
Manchester City 2
Aguero (20')
Rodri (30')
FIXTURES
New Zealand v France, second Test
Saturday, 12.35pm (UAE)
Auckland, New Zealand
South Africa v Wales
Sunday, 12.40am (UAE), San Juan, Argentina
Fixture and table
UAE finals day: Friday, April 13 at Rugby Park, Dubai Sports City
- 3pm, UAE Conference: Dubai Tigers v Sharjah Wanderers
- 6.30pm, UAE Premiership: Dubai Exiles v Abu Dhabi Harlequins
UAE Premiership – final standings
- Dubai Exiles
- Abu Dhabi Harlequins
- Jebel Ali Dragons
- Dubai Hurricanes
- Dubai Sports City Eagles
- Abu Dhabi Saracens
In numbers
Number of Chinese tourists coming to UAE in 2017 was... 1.3m
Alibaba’s new ‘Tech Town’ in Dubai is worth... $600m
China’s investment in the MIddle East in 2016 was... $29.5bn
The world’s most valuable start-up in 2018, TikTok, is valued at... $75bn
Boost to the UAE economy of 5G connectivity will be... $269bn
Five expert hiking tips
Always check the weather forecast before setting off
Make sure you have plenty of water
Set off early to avoid sudden weather changes in the afternoon
Wear appropriate clothing and footwear
Take your litter home with you
Uefa Nations League: How it Works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
FIXTURES
Thursday
Dibba v Al Dhafra, Fujairah Stadium (5pm)
Al Wahda v Hatta, Al Nahyan Stadium (8pm)
Friday
Al Nasr v Ajman, Zabeel Stadium (5pm)
Al Jazria v Al Wasl, Mohammed Bin Zayed Stadium (8pm)
Saturday
Emirates v Al Ain, Emirates Club Stadium (5pm)
Sharjah v Shabab Al Ahli Dubai, Sharjah Stadium (8pm)
