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Oil prices tumble below US$40 a barrel on dour economic news2 b! ^! f. Z1 D {* ^1 P
Mon Dec 22, 4:00 PM% d1 }; @, d. I$ n; ^- Y9 R
* X& ^1 j! b% Q% M; @( M* B) ^/ d( vBy Dirk Lammers, The Associated Press
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$ t3 R* K3 c6 u) m5 A1 r2 bOil 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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' i+ d* e, _1 I8 \5 RLight, 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.4 F3 R& [/ A6 J2 P1 A
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