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Oil extended its rebound above $50 a barrel as tentative signs that Asia’s coronavirus may be easing spurred speculation that the worst of crude’s sell-off could have passed.

Oil was steady after the biggest weekly drop since July as an easing of geopolitical tension in the Middle East turned attention back to a flood of new supply set to hit the market this year.

Oil in London was on track for its biggest weekly increase since January as traders waited to see whether Saudi Arabia can fulfill promises to swiftly repair critical facilities attacked last weekend.

Oil in New York headed for the longest weekly winning streak since November 2017 as crises from Venezuela to Libya threatened supplies, while optimism over U.S.-China trade talks buoyed the outlook for demand.

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.

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.

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.

Propelled by the shale-oil boom, the U.S. is already producing more crude than either Russia or Saudi Arabia, who until recently vied for the top spot. By midyear America will go one better.

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.