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Oil at record high, nears $140 a barrel

PUBLISHED ON: June 16, 2008 | Duration: 0 min, 51 sec

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Crude oil futures blasted to a new record, then reversed course and fell in another volatile session Monday, a stunning change of course analysts blamed on options expiration and general market uncertainty. Retail gas prices rose to a record $4.08 a gallon. Light, sweet crude for July delivery fell $1.40 to $133.46 a barrel in afternoon trading on the New York Mercantile Exchange after earlier soaring to a trading record of $139.89.
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