Although oil prices were down early on Tuesday, with Brent just below the $70 threshold, robust global oil demand growth and continued OPEC-Russia production cuts are currently supporting the price of oil hovering at the $70 mark and overriding concerns that U.S. shale will grow even more than predicted. At 12:12pm. EST on Tuesday, WTI Crude was down 0.87 percent at $63.74, and Brent Crude down 1.61 percent at $69.13. Oil prices this month have not been so high in three years. At the end of 2017 and early 2018, the sentiment turned decisively bullish, amid geopolitical concerns—mostly from the Middle East, signs of a tighter oil market, and healthy global economic growth that boosts oil demand growth. “This rally has been driven first by robust fundamentals, with strong demand growth and high OPEC compliance accelerating,” Goldman Sachs said in a note on Tuesday, as carried by Reuters . […]