For the week, the contract rose 31.5 cents, a stunning amount.

Last week, the same 1,000-barrel contract rose almost $1 a barrel.

However, the nearby contract rose more than 1 cent a pound yesterday.

The next active contract, for February delivery, also rose $4.60 to close at $392.90.

Once the contracts rise or fall that much, trading is halted for an hour.

Other contracts rose the permitted daily limit of 5 cents.

The next contract, negotiated to start from the 1997-98 season, rose to £670 million over four seasons.

And new contracts signed during the quarter, an indicator of future business, rose to $14.6 billion, or 45 percent higher than a year ago.

Earlier, the contract rose as high as $49.40 a barrel.

Earlier in the session, the contract had risen as high as $403.