AP

New York, Jun 17: Crude oil futures swung wildly on Monday, rising to a record of almost $140 per barrel and then tumbling as investors weighed Saudi Arabia's promise to boost output against persistent global supply concerns and economic worries.

Light, sweet crude for July delivery fell 25 cents to settle at $134.61 a barrel on the New York Mercantile Exchange after earlier soaring to a trading record of $139.89. Earlier, they dropped as low as $132.84.

In London, August Brent crude futures fell 40 cents to settle at $134.71 on the ICE Futures exchange.

With little in the way of news to explain oil's turnabout, analysts pointed to Saudi Arabia's weekend decision to boost production and to Tuesday's expiration of crude options, or agreements to buy or sell futures at higher or lower prices. Trading is often volatile in the days immediately preceding options expiration.

Top officials in Saudi Arabia, the world's largest oil producer, told U.N. chief Ban Ki-moon over the weekend that it would boost oil output by 200,000 barrels a day, or by 2 percent, from June to July. In May, the kingdom raised production by 300,000 barrels a day. The increases reflect Saudi concerns about soaring prices, amid criticism that the oil giant has done little to ease market concerns over supply.