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Oil prices tumble below US$40 a barrel on dour economic news
0 i* `$ m- p; |* g" JMon Dec 22, 4:00 PM
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" R3 t, {) A- \% u; mBy Dirk Lammers, The Associated Press) r1 D A8 Z& ?8 Z
& V- [$ f# Q5 f7 u$ r9 V+ U! cOil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand.$ r( O/ ~. G0 D* X# Y7 a! {5 j
8 I8 G9 U8 h' \ @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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