Maureen Sullivan | Moment Mobile | Getty Images The oil drilling platform Holly, approximately two miles off the shore of Huntington Beach, California. Catalina Island can be seen in the background Oil won't be returning to the peak levels it saw last year when global benchmark Brent Crude hit $86 a barrel, Goldman Sachs' top commodities analyst said Monday. "We've had a really bad fourth quarter, so the question is how much have we recouped thus far," Jeff Currie, Goldman Sachs head of commodities research, told CNBC's Dan Murphy in Dubai on Monday. "Looking at oil more broadly - we've gotten back roughly 75% of that. We don't think you're going to get back to those $80 levels again, so you've got some modest upside here." "It's been a fundamental deficit, lower inventories pushing cash in physical prices prices higher. This market is in a million barrel per day deficit right now, and we think upside price is $70 to $75 (per barrel), but the back end anchored around $60," he said. " Crude futures have surged in recent months, with Brent and U.S. West Texas Intermediate (WTI) both rallying more than 20 percent since the start of 2019. International benchmark Brent crude stood at $70 a barrel on Friday, with WTI trading at around $63. Numerous analysts believe that more upside is in store with supplies being taken off the market in Iran and Venezuela, as well as potentially continued supply cuts from major oil organization OPEC.