Crude oil futures tumbled below $56 a barrel Friday following a $2.50 selloff the day before as traders focused on a combination of mild autumn weather, ample winter fuel supplies and the collapse of a trading range that had been in place since the start of October, AP reported. On Thursday, the front-month futures contract settled at $56.26, its lowest level in a year after dipping below the six-week trading range of roughly $57-$61 a barrel. On Friday, light sweet crude for December delivery on the New York Mercantile Exchange dropped an additional 40 cents to $55.86 a barrel. The last time the front-month crude contract settled below $56 was in June 2005. January crude futures traded 20 cents higher at $58.77, and analysts said the wide spread between the two contracts appeared to signal buyers' comfort with the near-term supply fundamentals even as government data reveals some gradual tightening of inventories. In London, January Brent on London's ICE Futures exchange fell 30 cents to $58.24 a barrel. Heating oil futures fell less than a penny to $1.654 a gallon on the Nymex, while gasoline futures were down less than a penny at $1.53400 a gallon. Natural gas futures gained 8.8 cents to $7.843 per 1,000 cubic feet.
