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Oil Hits New Record, Then Reverses

BusinessOil Hits New Record, Then ReversesOil Hits New Record, Then ReversesThe Associated PressCrude oil futures swung wildly on Monday, rising to a record and then tumbling as investors wrestled with whether they should put stock in Saudi Arabia's promise to boost production. Retail gas prices rose to a record $4.08 a gallon. (June 16)Crude oil futures swung wildly on Monday, rising to a record and then tumbling as investors wrestled with whether they should put stock in Saudi Arabia's promise to boost production. Light, sweet crude for July delivery fell 29 cents to $134.57 a barrel in afternoon trading after earlier soaring to a trading record of $139.89.With little in the way of news to explain oil's decline, analysts pointed to Saudi Arabia's weekend decision to boost production and to Tuesday's expiration of crude options. [Notes:SOT Anthony Grisanti, Trader, GRZ Energy] XXXXXX XX XXXX XXXXXSaudi Arabia announced over the weekend that it would boost oil output by 200,000 barrels a day, giving some investors a sense that the world's largest oil producer may be getting serious about boosting output. At the pump, meanwhile, the national average price of a gallon of gas rose three-tenths of a cent overnight to $4.08 a gallon. Gas prices are following crude prices higher, and likely have several more cents to rise before catching up with oil's latest advance. ___ ___, The Associated Press.(****END****)