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Oil prices tumble below US$40 a barrel on dour economic news. H' g4 M" U" L4 C- R8 O$ @3 S
Mon Dec 22, 4:00 PM2 n0 F' ]- J6 y* |; F+ A# K( D
5 X5 v, W) z8 c7 a$ Q+ YBy Dirk Lammers, The Associated Press
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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.* e# Z8 n" u6 q# w+ B0 S5 G
1 ^- T" O4 i( O w! p! D% `2 PLight, 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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