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Oil prices tumble below US$40 a barrel on dour economic news4 E. F2 F F+ v' ]) I: g
Mon Dec 22, 4:00 PM: M* D; G" _; D2 V8 {
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By Dirk Lammers, The Associated Press6 x/ _ g* ]6 y/ [
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Oil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand.2 o" T5 z* I$ s6 q
& Q2 c9 p* {! l) ^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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