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Oil prices tumble below US$40 a barrel on dour economic news/ Y* j( d# s6 m j
Mon Dec 22, 4:00 PM$ k+ `7 B: w, a/ A W
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By Dirk Lammers, The Associated Press
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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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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 $147 in July.& x$ h% h& t/ X O" j. _
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