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Oil prices tumble below US$40 a barrel on dour economic news5 \3 g! _( u* [) k: E/ s
Mon Dec 22, 4:00 PM( P& S, v, C) S+ ^
2 m5 \* i5 B( K& s6 c Q' oBy Dirk Lammers, The Associated Press
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* v7 K- s& p% y* |$ k; j# @Oil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand.1 h! f8 q% i4 k$ G1 E5 L, l" j9 T6 \
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Light, sweet crude for February delivery fell $2.45, or nearly six per cent, to settle at $39.91 a barrel on the New York Mercantile Exchange. Crude prices have tumbled 70 per cent since peaking above $147 in July.
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