Oil demand concerns overdone, Brent to rally above $70 per bbl: Goldman

Higher oil demand coupled with declining production and supply cuts could help Brent prices rally above $70 per barrel in the near term, Goldman Sachs said. Demand is off to a strong start in 2019, with recent oil data suggesting current demand concerns should ease further, Goldman said in a note on Thursday.

Based on available demand data that shows an increase in consumption in January of 1.55 million barrels per day (bpd) from a year earlier, the US bank estimates that overall global demand increased by nearly 2 million bpd during.

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