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Oil prices tumble below US$40 a barrel on dour economic news, A1 t1 ?. X3 o5 Q H
Mon Dec 22, 4:00 PM G* r* w0 N2 c/ a2 Q2 |" i
& `' G. B- t% G4 |: IBy Dirk Lammers, The Associated Press$ E2 M( W& W+ k% C& P+ g
6 V: ? u3 \5 K; h4 d6 y) TOil 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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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 $147 in July.: v# u8 \: F$ Z1 P0 a, a' C1 M/ `
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