Oil price news: oil falls from one-month high on thin trading, weak technicals

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 per cent to settle near US$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. 

Both WTI and Brent crude formed a bearish “death cross” — where the 50-day moving average crosses below the 200-day — for the first time since September 2022. In the past, that pattern has heralded further weakness.