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Latest Oil Market News and Analysis for Dec. 27 - Bloomberg

Bloomberg · last updated

Latest Oil Market News and Analysis for Dec. 27 - Bloomberg

Oil Falls From One-Month High on Thin Trading, Weak Technicals

- Low holiday volumes leave prices susceptible to swings
- WTI settles near $74 as technical weakness undercuts war risk

Oil retreated from its highest close in almost a month as key technical gauges flashed weakness amid thin holiday trading.

West Texas Intermediate fell by 1.9% to settle near $74 a barrel after closing at the strongest level since November in the prior session. Traders focused on evening out positions before the new year, a move that capped prices while low volumes exacerbated downward swings.

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