Oil prices moved lower Friday, pulled down...
Oil prices moved lower Friday, pulled down by technical factors and slumping prices in Europe, analysts said. On the New York Mercantile Exchange, contracts for March delivery of West Texas Intermediate, the benchmark U.S. crude, closed at $16.75 per 42-gallon barrel, down 36 cents from Thursday. “It was really pretty much a technical market all day today,” said Andrew Lebow, an analyst at the investment firm Shearson Lehman Hutton. “I don’t see anything fundamental.” All year, crude has been trading between a high of $17.75 and a low of $15.75, he said.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
