Brent oil could rise above $70 as demand growth is beating expectations - Goldman Sachs

A better-than-expected demand growth and a deeper drop in supplies will likely power brent oil to highs above $70 per barrel in the near-term, according to analysts at Goldman Sachs. 

Notably, the bullish case presented by demand-supply conditions is backed by consstructive technical charts, also favouring a move above $70. 

Further, there is no imediate threat of long squeeze, as bullish bets are still depressed.