Crude prices hold steady as traders look ahead to Saudi oil meeting.
Oil prices spiked more than $5 a barrel on Monday to a trading record of $139.89 before pulling back.
Light, sweet crude for July delivery was up $3.66 cents at $138.52 a barrel at 9 a.m. ET. On Friday, oil fell $1.88 to settle at $134.86.
Saudi Arabia, the world's largest oil producer, told U.N. chief Ban Ki-moon over the weekend that it would boost output by 200,000 barrels a day, or by 2%, from June to July. In May, the kingdom raised production by 300,000 barrels a day, but this was ignored by the oil market partly due to strong global demand.
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