Oil hits new record, then reverses on worries

Monday June 16, 4:23 pm ET
By John Wilen, AP Business Writer Oil futures hit record near $140 a barrel, then fall, as traders weigh Saudi production offer NEW YORK (AP) -- 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. Retail gas prices rose to a record $4.08 a gallon.