Just call it another good start to the day for the oil bears.

The oil-bears -- those who believe oil prices will trend lower -- have been an isolated, much-maligned lot for a considerable portion of the decade, but lately price screens have been moving in their favor.

Oil fell for a third day on signs the U.S. economic slowdown will continue into 2009, resulting in a further reduction in oil use in the world's largest economy, Bloomberg News reported Tuesday.

Oil fell $1.16 to $113.29 per barrel Tuesday. Oil's move lower was also aided by word that Russia had halted its military offensive against Georgia, Bloomberg News reported Tuesday.

U.S. demand: a factor in oil's price

While not underestimating the geopolitical risks -- and energy risks -- implied by a renewal of Russian expansionism in the twenty-first century, economist Peter Dawson said the important data point for investors / traders to watch is oil consumption in the United States.

"I'm in the camp that argues oil's bull run has been demand-based. Up through 2007, demand in the U.S. rose but this year we've seen a decrease in demand, particularly in gasoline consumption, as the price went over $4 per gallon," Dawson said. "Some tried to argue that oil was 'decoupled' from gasoline demand and from U.S. demand in general, but that thesis is being discredited almost on a weekly basis."