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United States trying to keep the Brent oil barrier of $70-75

There has been a series of theatrical events which have been going on in the middle east as first two key sites of oil had been attacked in Saudi Arabia and the production of oil had been halved however the Brent Oil barrier of $70-75 for a barrel holding firm. Then the United States had assassinated the military leader in Iran in but the level still had held firm. Then Iran decided to retaliate with the missile attacks on the bases of Iraq where the troops of United States where stationed however this cap was still not breached. The United States has been going to greatest of lengths for putting a major lid on the prices of oil at the level of $70-75 a barrel of the level of Brent for many reasons of their economic importance but in case there is a retaliatory move planned by Iran for the killing of Soleimani, there is a chance that the cap may be blown even through the important mark of $100 a barrel of the resistance level of Brent.

The significance of the level of $70-75 a barrel is that it is a barrier which is protected very heavily to any of the moves which are sustained to and through the said level and this level is a major level for technical and psychological resistance for the pricing of oil. But if there is an escalation leading to the breaching of $100 per barrel mark it may lead to bad things happening.

The most important of those bad things would that it may impact the results of the reelection and the consequent affect on the market will not be something which will be pleasant.

David Stillwell
David Stillwell Subscriber
Contributing Author At Chemical News Reports 24

In this fast-paced and ever-changing world, technology has been on everybody’s mind. Technology has given so much to this world and that what got David to pursue a Bachelor’s in Information Science and Technology. And after trying hands-on writing gadgets and product reviews, David dedicated his entire focus in the field of writing and it has been 5 years. Even now, he keeps on learning new things, “self-improvisation” being his key motto. David has been given the responsibility to manage the entire Technology domain of the chemicalnewsreports24.com news portal. He also plays an important role in training the newbies.

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