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Energy

Crude oil closed 1.4-percent higher on the week, with the October contract settling $1.49 higher at $106.04 a barrel. Oil was supported from expectations for approval of the $700 billion bailout plan, combined with falling inventories due to hurricane disruptions.

Trading in crude oil was halted for five minutes Monday after the October crude contract reached the daily price limit of $10 per barrel. Under NYMEX rules, the price change limit is increased by another $10.

Crude inventories fell to 290.2 million barrels, for a decline of 1.5 million barrels for the week ended Sept. 19, the Energy Information Administration said. Government data showed a decline of 15.7 million barrels over the past five weeks.

Heating oil inventories fell by 4.2 million barrels to 125.4 million barrels for the week ended Sept. 19, the Energy Information Administration said. Government data showed a decline of 6.7 million barrels over the past four weeks. October heating oil settled 3.1-percent higher on the week at $2.9879 a gallon.

RBOB gasoline inventories fell by 5.9 million barrels 178.7 million barrels for the week ended Sept. 19, the Energy Information Administration said. Government data showed a decline of 38.4 million barrels over the past nine weeks. October RBOB gasoline settled the week nearly unchanged at $2.6136 a gallon.

The Energy Information Administration reported an injection of 51 bcf of natural gas into storage during the week ended Sept. 19, lifting the amount of working gas in storage to 3.023 tcf. The injection still left storage 162 bcf lower than the same period last year but 35 bcf above the 5-year average. October natural gas settled the week modestly lower at $7.472 per million British thermal units.

Grains

Corn finished the week slightly higher, with the December contract settling with a 1 cent gain at $5.43 a bushel. Corn reached a 4-day winning streak Wednesday, before poor export sales, and demand concerns erased nearly all of the gains on the week.

U.S. export sales fell 68-percent to 547,796 tons last week, compared to the same time last year, the U.S. Department of Agriculture said in a report Thursday. Total sales for delivery before the end of the marketing year are down 36-percent at 12.96 million metric tons.