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For the week, Brent ended more than 6 percent higher and WTI gained more than 5 percent, partly on tightening supplies since the Organization of the Petroleum Exporting Countries and its allies led by Russia started voluntary production cuts last month. The partial closure of Saudi Arabia’s Safaniya, the world’s largest offshore oilfield, occurred about two weeks ago, a source said on Friday. Safaniya has production capacity of more than 1 million barrels per day mens onyx cufflinks. It was not immediately clear when the field would return to full capacity..
“It’s another factor that is raising concerns about the availability of crude,” said Phil Flynn, analyst at Price Futures Group in Chicago mens onyx cufflinks. “All of a sudden you don’t have to worry just about OPEC cuts. Now you have a problem with Saudi Arabia’s ability to actually produce as much oil.”. Leading OPEC producer Saudi Arabia said on Tuesday it would cut an additional half a million bpd in March more than it previously pledged. Supply has also been curbed by U.S. sanctions on Venezuelan and Iranian crude and reduced Libyan output because of civil unrest. Security threats could threaten Nigerian production after general elections this weekend..
Growing confidence that the United States and China will resolve their ongoing trade dispute also supported prices mens onyx cufflinks. Those talks will restart next week in Washington, with both sides saying this week’s negotiations in Beijing showed progress. “Optimism surrounding a potential trade deal has really been the big issue here in the United States the last couple days,” said Bob Yawger, director of energy futures at Mizuho. However, prices pared gains after a report showed U.S. energy firms this week increased the number of oil rigs operating for a second week in a row due to concerns that crude supplies will swamp global demand as U.S. output keeps growing from record levels..
NEW YORK (Reuters) – Optimism about a U.S.-China trade agreement has helped drive U.S. stocks to more than two-month highs, creating a make-or-break moment for Wall Street as a year-long clash between the world’s two largest economies comes to a head. Investors are increasingly hopeful about a positive resolution as a March 1 deadline for trade talks nears. And if the United States and China reach a deal, market professionals say clarity after the lengthy dispute should continue to push shares higher mens onyx cufflinks.
“If we do get a China-U.S. solution and trade agreement, which signs are more positive on that front, that could really propel stocks higher because that would give businesses more confidence in the global economy,” said Chris Gaffney, President of World Markets at TIAA Bank in St. Louis. A few market watchers even say the benchmark S&P 500 could exceed its all-time closing high set on Sept. 20, which is about 6 percent above Friday’s level mens onyx cufflinks. That would build on the more than 17 percent surge in the S&P 500 since it hit a 20-month low on Dec. 24, when investors were spooked by Federal Reserve policy as their outlook for earnings and economic growth soured..