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Week ending Jan. 15, 2008 - Oil backing off from its recent mid $80 range h

Warmer winter temperatures both forecast and experienced across much of the nation and further signs the US economy is not nearly as robust as previously forecast sent oil prices lower for the fifth straight day in the world?s largest economy. The New York benchmark Crude contract for February delivery lost more than $1.44 today to settle out the week at $77.95 per barrel, off over $4.80 from last Friday?s close. "New highs have been accompanied of late with lower closes and that is usually a strong technical indication of a reversal," said Mike Fitzpatrick of MF Global. "If optimism was spreading, there should have been follow through-buying at the top of the market and that is just not the case."

Week ending Jan. 15, 2008 - Oil backing off from its recent mid $80 range h
xcel, Jan 15, 2010
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