Oil demand concerns overdone, Brent to rise above $70: 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 U.S. bank estimates that overall global demand increased by nearly 2 million bpd during the month. This growth was visible in both emerging and developed markets.