Oil prices edged up on Monday, reversing earlier losses, as investors shrugged off data that confirmed China’s economic growth is cooling and instead latched on to positive supply-side drivers for the market, Trend reports citing Reuters.

The period of moderate oil prices can be more prolonged than assumed, Trend reports citing Moody’s 2019 Outlook for CIS countries.

Oil prices continued to increase during the week ending Jan.18, with the price of West Texas Intermediate (WTI) for February delivery up by 4.3 percent and Brent crude for March delivery up by 3.7 percent, Trend reports citing Xinhua.

Among the main drivers of oil prices in 2019 several of them will be bullish and some of them bearish, Francis Perrin, Senior Fellow at the OCP Policy Center (Rabat) and Senior Research Fellow at the French Institute for International and Strategic Affairs (IRIS, Paris) told Trend.

Oil prices declined on Monday as investors renewed concerns for a global growth slowdown, Trend reports citing Xinhua.

The commitment by OPEC+ to remove 1.2 million barrels per day of supply from the market has failed to revive Brent, Trend reports citing Fitch Solutions Macro Research (a unit of Fitch Group).

The price of the AZERI LT CIF oil, produced at the Azeri-Chirag-Gunashli block of oil and gas fields, amounted to $62.58 per barrel at the Italian port of Augusta on Jan. 11, or $0.77 less than on Jan. 10, a source in Azerbaijan's oil and gas market told Trend Jan. 12.

United Arab Emirates Energy Minister Suhail al-Mazrouei said on Saturday he expects an average oil price of $70 a barrel in 2019 on the back of an agreement to cut output by OPEC and non-OPEC oil exporters, Trend reports referring to Reuters.

Oil prices fell about 2 percent on Friday amid worries about a global economic slowdown, but futures were set to end the week higher, keeping some gains from a week-long rally spurred by US-China trade hopes, Reuters reported.

Oil prices rose more than 2 percent on Tuesday, supported by hopes that crude demand may rise more quickly if talks between US and Chinese officials resolve the trade dispute between the world’s two biggest economies, Trend reports citing Reuters.