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.
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