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Oil prices tumble below US$40 a barrel on dour economic news
( k$ `4 ]2 z9 |1 F) BMon Dec 22, 4:00 PM
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' |9 ]- w. r. bBy Dirk Lammers, The Associated Press# z' q& V% R7 r4 U$ G, y
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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.
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" s j+ ^9 j& H' Q9 aLight, 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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