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Oil prices tumble below US$40 a barrel on dour economic news& p! d% p. w9 [/ V8 t! z5 R
Mon Dec 22, 4:00 PM; o% E7 u# |& s2 T- Z2 L
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By Dirk Lammers, The Associated Press# e% `0 k2 Z: w# i
4 Q! w' h7 w. h7 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." m" Y/ N1 Z( b4 h; M# E
6 J% ^, e I7 HLight, 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.% P) A( J+ ?6 @/ }: h' n
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