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Oil prices tumble below US$40 a barrel on dour economic news
6 t4 d) ?. m+ M, o; p8 zMon Dec 22, 4:00 PM
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By Dirk Lammers, The Associated Press5 R8 G+ X( E! U
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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.* t0 T: [. E7 s( T- \4 I
+ `+ B% o; V e9 @3 Q2 j) _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.- I9 B& j9 m1 d( [- ^
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