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Oil prices tumble below US$40 a barrel on dour economic news! I0 \; `8 ` \2 p
Mon Dec 22, 4:00 PM# F: q$ E6 T$ j: G8 e4 W
$ a1 Z7 O& ?2 nBy Dirk Lammers, The Associated Press
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$ r) t4 W, l8 l2 q3 NOil 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.
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# o( S9 q9 ?; I0 Z3 K) O3 FLight, 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.8 q2 p0 f! d7 d
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