Brent's stability vs. global demand narratives

I've seen $BRENT oil prices around $71.94 for a while now, despite a lot of news about tight supply. Why isn't the market pushing prices up significantly? Some say it reflects more concern about an economic slowdown, but I think demand from China or India remains strong. The fact that prices are hovering around this level makes me wonder if we're overemphasizing supply-side news and overlooking actual, tangible demand factors.

Or perhaps the market is smarter than we think? Does anyone have a different view? I'd like to hear other perspectives.