Stocks set for weak open

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America's cheapest gas is in this town Summer drivers to get a break on gas Why gas prices are likely to keep climbing You'll pay a little less for gas this summer Expect relief from record February gas prices Why gas prices are rising

NEW YORK (CNNMoney.com) -- Stocks looked set for a weak open Monday and oil prices broke a new record as Lehman confirmed its massive quarterly loss.

Minutes before the market open, futures were narrowly lower, with a comparison to fair value suggesting a negative start on Wall Street.

Oil touched a record-high of $139.89 a barrel, then retreated from the peak by about 30 cents a barrel. This is in spite of Saudi Arabia's promise to increase production by 200,000 barrels a day during June and July.

Lehman Brothers (LEH, Fortune 500) releases details about its second-quarter results and confirmed its previously-announced loss of $2.8 billion.

Companies to watch include AIG (AIG, Fortune 500), which ousted its chief executive over the weekend after losing $7.8 billion in the first quarter from investments related to the housing market collapse. The insurer said former Citigroup executive Robert Willumstad will take over from Martin Sullivan.

In deal news, the Federal Communications Commission chairman recommended approval of a $5 billion merger between Sirius Satellite Radio Inc. (SIRI) and XM Satellite Radio Holdings (XMSR).

The economic report known as the NY Empire State Index showed a decline in manufacturing, to -8.7. Also on tap for today is the National Association of Home Builders' report on builder confidence.

The dollar fell slightly against the euro, but gained versus the yen.

In global trade, stocks in Japan ended sharply higher. European markets were mixed in midday trading.