The bank revised down its 2019 oil demand growth forecast to 1.275 million barrels per day (mb/d), from 1.45 mb/d at the beginning of the year.

However, this is still above the consensus estimates at about 1.05 mb/d for 2019, the Wall Street bank added.

"All else constant, we estimate that an upward revision of consensus 2019 oil demand growth expectations to our 1.275 mb/d forecast would rally Brent prices by $6 per barrel," it said.

Goldman forecast 2020 oil demand growth at 1.45 mb/d on a gradual acceleration in global economic growth as well as a demand boost from International Maritime Organization's new fuel rules for ships from the start of 2020.

Oil prices rose on Monday on concerns that Iran's seizure of a British tanker last week may lead to supply disruptions in the Middle East and after Libya reported shut down of its largest oil field.