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Higher global supply against a weak demand outlook is keeping bearish investors in charge of the energy market, said Swissquote Bank’s Ipek Ozkardeskaya.

Oil has made several attempts at price rallies in recent weeks, but these gains just strengthen bearish positions in expectations of a deeper selloff, Ozkardeskaya said in a note.

Brent crude should find solid support for a price floor at the $70-a-barrel level, Ozkardeskaya wrote. That said, bearish investors will likely dominate the field unless China begins to show signs of economic strength and oil output lowers, she added.