Oil bounces after bears showed initial signs of stall, but demand fears persist. Crude inventories reports eyed for fresh signals

WTI oil bounces on Wednesday after steep fall in past five days (down 14.3%) found footstep at strong technical supports provided by daily cloud base ($36.80) and rising 100DMA ($36.43).
Oversold daily studies suggest that bears may pause, as traders may take some profits after strong fall.
Overall, near-term picture remains bearish on growing concerns that rise in new Covid-19 infections would keep global demand recovery process fragile.
Oil came under pressure on recent gloomy economic figures that increased demand fears and stalled recovery from Apr low at $6.57.
Corrective upticks are expected to stay below psychological $40 barrier and daily cloud top ($40.30) to keep bears in play.
Markets focus on release of two US crude stocks reports, API report due later today and EIA report due to be released on Thursday, which are expected to provide fresh signals.

Res: 37.68; 38.52; 39.03; 39.93
Sup: 36.43; 36.11; 35.39; 34.96