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Oil prices tumble below US$40 a barrel on dour economic news2 @) F' k# b/ X9 U
Mon Dec 22, 4:00 PM7 X5 @9 Q: d& l- R: E% f* u; o" ?
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By Dirk Lammers, The Associated Press2 H: T: k+ A) g5 r, b
8 N- `- B2 D4 p9 q2 Y1 sOil 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. s7 V6 e' H6 X5 a3 g
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