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Oil traded near a seven-week high as supply risks from a storm in the Gulf of Mexico and falling U.S. stockpiles were countered by a weak market outlook from OPEC in 2020.

Oil rose near $70 a barrel in London, a level last breached in November, as global crude supplies tightened while hopes for an end to the U.S.-China trade impasse lifted financial markets.

President Donald Trump renewed his criticism of OPEC, saying the cartel should increase production because prices are getting “too high.”

Oil in New York rose to the highest level this year after OPEC and its partners agreed to go beyond their pledged supply curbs in the coming months.

The United States imported the least amount of crude oil on a weekly basis in 23 years, as OPEC-members Saudi Arabia and Venezuela cut their shipments to unusually low levels.

President Donald Trump resumed his attacks on OPEC, saying the world is too fragile to handle a price hike and urging the cartel to “relax and take it easy.”

OPEC reduced its estimate for the amount of crude the world needs it to pump this year as U.S. production continues to thrive and the demand outlook falters.

Crude skidded to its worst loss in a month as disappointing corporate profit forecasts stoked concern about the economy, bruising a market already anxious about booming American oil supplies.

Oil retreated below $52 a barrel as data showing record U.S. crude production suggested markets may remain oversupplied despite output cuts by OPEC and its allies.

Oil extended its longest run of daily gains in 17 months on renewed efforts by the U.S. and China to reach a trade deal, and expectations the market will be tightened by OPEC’s output cuts.