Headlines are saying "Supply is increasing but consumption is dropping" "Economic Slowdown" yet.... its just the current sentiment in the market and that can and will change very quickly. Watch London/ New York session. When oil started to rebound after its sharp sell off 5 months ago its fist pull back was in this region (bottom green line) which means technically there is strong support there and fundamentally we would need a continuation on serious news of output increases to break that support.