Oil prices soar for fifth consecutive week . and 1.3% monthly gains for Brent

Oil prices fell on Friday, in how much they turned around in volatile trading, impacted by US heating oil contracts, which fell more than 20% at some point in today’s trading as it expires.

The closest-to-maturity U.S. heating oil contract, an indicator of diesel prices, had risen to an all-time high of $ 5.8595 per gallon before falling to $ 4.4067 per gallon.

Diesel futures have risen as investors worry about supply shortages globally in the wake of the Russian invasion of Ukraine.

“The surprises were all due to the arrival of the diesel contract,” said Andrew Lipow of Lipow Oil Associates in Houston.

The contracts future most active on Brent crude oil for the second month, the closest expiration, they fell by 12 cents to 107.14 dollars a barrel.

The monthly contract, which expires at $ 1.75, rose to close the session at $ 109.34 a barrel.

US West Texas Intermediate crude, which does not expire today, fell 67 cents to close at $ 104.69 a barrel.

Both Brent Crude and West Texas Intermediate made weekly gains and recorded their fifth consecutive increase.

Brent closed the month in up 1.3%, while the WTI ended the month in increase of 4.4%.

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