China's leading oil companies, Sinopec'den; in 2017, the largest importer of China's position, increased by 10.1 percent last year, 420 million tons(approximately 3 billion 90 million barrels) was announced to purchase. Oil prices are expected between 50 and 70 dollars for 2018, the country's oil demand is expected to increase by 3 percent. On the other hand, US Secretary of state Rex Tillerson said that there could be a military coup in Venezuela, the world's largest oil reserves. Baker Hughes drilling well numbers for commodity on the last trading day of the week and CFTC Net speculative positions will be followed. Apart from the data, additional explanations and technical prices from important oil producer countries and international institutions will continue to be monitored.In this context, technically speaking, the big figure follows the rising channel that has been going on since June 2017, but in the short term, the rising channel that has been going on for nearly two months is being watched. After two-day uptrend today we see a decline in commodity prices for now below 69.25 level is available. Initial support remains at 69.00, 68.75 and 68.40. The first resistance to be followed on 69.25 is at 69.60, 69.90 and 70.05 levels.
