Brent to "overshoot" $67.50/bbl price target in 2019 – Goldman Sachs

In its latest client note, David Currie, Head of Commodities Research at Goldman Sachs, said that there remains a significant upside risk in oil.

Key Highlights:

“Brent crude will "overshoot" his $67.50/bbl price target in 2019.

China imports were up 30% y/y for December.

Supply is still coming off the market, both OPEC and non-OPEC oil producing countries cutting.

Global demand remains benign.

Recent economic data shows that what people think will happen is more negative than data releases would suggest.”