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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 rose amid estimates of another decline in U.S. crude inventories and signs that China is stepping up efforts to combat an economic slowdown.

The U.S. petroleum industry is meeting record world demand while decreasing the amount of carbon emissions released into the skies, but challenges lie ahead if it hopes to maintain that momentum, according to the American Petroleum Institute’s annual report, “State of American Energy 2019.”

Drillers in the Eagle Ford, a Texas shale oil patch, likely will scale back activity in 2019 as lower crude prices eat into cash flows, according to consulting firm Rystad Energy AS.

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.

Oil headed for its longest stretch of daily gains in more than 17 months as the U.S. Federal Reserve sought to ease investor concerns, China moved to stimulate its economy and OPEC production cutbacks took effect.

Oil started 2019 with another price slide as weaker Chinese manufacturing data pointed to slowing demand in the world’s second-biggest consumer of the fuel and to growing risks of a global crude surplus.

Job growth in the Lone Star State will likely weaken in the first half of 2019 if oil prices remain at current levels, according to the Federal Reserve Bank of Dallas.

Oil was boosted to near $52 a barrel by a weak U.S. dollar while investors weighed if OPEC and its allies can successfully re-balance the market.

Oil extended an advance after a U.S. industry report signaled a bigger-than-expected draw in nationwide crude inventories and as trade tensions eased between the world’s largest economies.