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Oil prices tumble below US$40 a barrel on dour economic news
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% `4 ~2 K$ s, B0 j {By Dirk Lammers, The Associated Press3 F0 V) P X `. N6 V- b" M
9 r: f1 h7 f+ P: t G8 |( }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.6 d! \( P# @# W& i% P; V4 C; ^; E
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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.
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