Oil prices reverse late in session as heating oil contract plunges

The more-active second-month Brent crude futures contract LCOc2 fell 12 cents to settle at US$107.14 a barrel. The expiring front-month contract rose $1.75 to settle at $109.34 a barrel. U.S. West Texas Intermediate crude CLc1, which does not expire on Friday, fell 67 cents to settle at $104.69 a barrel, as traders sold energy contracts across the board.

NEW YORK: Oil prices fell on Friday, reversing in volatile trade, pulled downward by the U.S. heating oil contract that plummeted by more than 20% at one point on the day of its expiration.

The front-month U.S. heating oil contract HOc1, which is a proxy for diesel prices, soared to a record high of $5.8595 a gallon before falling as low as $4.4067 a gallon. Diesel futures have climbed as investors worry about tight supplies globally following Russia's invasion of Ukraine.