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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 prices dipped as an unexpectedly high jump in U.S. crude supplies unnerved a market already worried about weakening global demand.

Carbon emissions from fossil-fuel use hit a record last year after energy demand grew at its fastest pace in a decade, reflecting higher oil consumption in the U.S. and more coal burning in China and India.

Oil fell from its highest closing level in four months in New York as signs of a slowing global economy stirred concerns about fuel demand.

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 U.S. government cut its oil production forecast for the first time in six months as drillers scale back in smaller shale plays and the U.S. Gulf of Mexico.

Asia more than doubled its intake of American crude oil last year even as Beijing and Washington were embroiled in a bitter trade war.

Canada’s already beaten-down oil industry is facing a fresh setback as regulatory issues bog down another key pipeline project.

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.