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Oil prices tumble below US$40 a barrel on dour economic news
0 \' n3 B2 [1 R) F! K; BMon Dec 22, 4:00 PM
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! R {8 v$ N' LBy Dirk Lammers, The Associated Press" w, [! H* X \& z( h, B
- A% B% i, W: w: E) G! I. F1 a2 Z& ^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. w& i& n& ^0 t2 O) V6 @
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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./ K5 f; f: n7 U1 U
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