February crude oil closed down $3.07 at $37.76 a barrel today.

Prices closed near the session low and hit a fresh two-week low today, amid a firmer U.S. dollar and more recent dour world economic data that suggests less demand for energy worldwide.

Bears still have the overall near term technical advantage and have regained downside momentum recently.

Prices remain in a six month old downtrend on the daily bar chart.

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