Goldman Sachs sees global oil demand growing by nearly 2 million barrels per day in the first quarter.
The world's appetite for oil and gasoline is growing faster than many forecasters expected, putting Brent crude on pace to top $70 a barrel, Goldman Sachs says.
"We continue to believe that ongoing macro and oil demand concerns are overdone," Goldman analysts said in a research note on Thursday. It will also keep growth for the full year on pace for Goldman's target of 1.45 million bpd, making the bank more bullish than most forecasters. Gasoline demand in particular is surprisingly strong. Over the last three months, Goldman's subsample of consumers shows gasoline consumption growing by 510,000 bpd, the highest reading since May 2016.
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