By JOHN WILEN, AP Business Writer
6 minutes ago
NEW YORK - Retail gas prices rose further above a national average of $4 Monday, and are likely to keep rising as distributors and retailers hike prices in response to last week's unprecedented oil price rally.
Oil futures, meanwhile, retreated as investors sold to lock in profits from the run-up, though oil prices may be headed even higher. Saudi Arabia said it would call for a meeting to discuss crude prices, which it said were unjustifiably high.
At the pump, the national average price of a gallon of regular gas rose 1.8 cents overnight to a record $4.023, according to AAA and the Oil Price Information Service. Prices first moved above $4 nationally on Sunday, though they've been higher than that in many parts of the country for weeks.
If oil prices remain near $139 a barrel, last week's record high, gas prices will likely rise another dime in coming days, said Tom Kloza, publisher and chief oil analyst at the Oil Price Information Service in Wall, N.J.
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