US heating oil prices fell below $4.50 per gallon on Friday for a second session, as efforts to address a global fuel shortage raised expectations of better availability. EU members are discussing a proposal to release emergency oil and diesel reserves after pressure from Washington to help stabilise prices and avoid restrictions on US fuel exports. Treasury Secretary Scott Bessent urged European partners to contribute, while President Donald Trump was less inclined to impose an export ban because it could push domestic prices higher. Despite the decline, heating oil remains near its mid-September record of $5.20 per gallon. EIA (U.S. energy data agency) figures showed US distillate inventories at their lowest seasonal level on record. Supply has been restricted by disruptions in the Persian Gulf, Ukrainian attacks on Russian refineries and Moscow's extension of diesel-export restrictions through October.