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Oil was steady amid mixed signals on U.S. crude inventories, with industry data showing supplies increased last week while government statistics were expected to show a decline.

Oil extended the longest run of gains in six months after U.S. shale explorers paused a record drilling expansion in a sign the boom may be slowing down.

Oil slipped after an industry report was said to show a smaller-than-anticipated U.S. crude inventory decline.

Oil traded at its lowest in more than a week in New York on signs U.S. production is continuing to recover, undermining OPEC’s efforts to clear a global glut.

Oil eased losses as growth in U.S. drilling was partially offset by a weaker dollar.

The oil market is risking a supply crunch as producers cut spending on major projects to focus on short-term low-cost shale output in the United States, some of the top crude and products traders said.

Oil producers pledged to consider extending their pact limiting supply, as half a dozen nations said more time was needed to drain swollen stockpiles.

Oil was little changed before a meeting between OPEC and its allies that may signal the outlook for extending their output curbs.

Oil steadied below $49 a barrel as U.S. drillers continued to boost activity, countering OPEC’s efforts to drain a global glut.

Crude prices could plunge toward $30 a barrel — a rout of about 40% from current levels — unless OPEC extends production cuts that are propping up the market, ABN Amro Bank NV said.