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Oil prices tumble below US$40 a barrel on dour economic news0 R1 j p& t6 z y- t
Mon Dec 22, 4:00 PM# n$ V, \& w+ ~ |" e
3 O! e+ h) I; v' p3 j9 H, O: UBy Dirk Lammers, The Associated Press
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% x, v/ T) f D; A5 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.6 p% `/ h0 N! P# H7 W
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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.
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