Crude oil closed up $1.09 at $78.37 a barrel today. Prices closed nearer the session high again today, amid a weaker U.S. dollar and higher U.S. stock indexes. While serious chart damage was inflicted in January crude oil on Friday, prices this week have made a solid rebound to repair most of that damage. Still, prices have been trending lower from the mid-October high.
Natural gas closed down 10.5 cents at $4.745 today. Prices closed near mid-range. Bulls have faded badly after showing some power recently. Bears have the overall near term technical advantage and have regained downside momentum this week.
The U.S. dollar index closed down 49 points at 74.79 today. Prices closed near the session low today and are right back down near the contract low. Bears still have the solid overall near term technical advantage. Bulls' next upside price objective is to close prices above solid technical resistance at 76.50.
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