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Oil prices tumble below US$40 a barrel on dour economic news
5 `5 ~2 J- n( Q- qMon Dec 22, 4:00 PM# D2 t( ~9 I# H1 K) w. A, n, b- `
, c& d: ~. g& W( U. C# a: u' I8 cBy 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.+ e% @9 \) C* K4 I e$ a# c/ f
; S; R/ j% v, |& u6 z$ `, z, mLight, 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." c, W9 |0 y5 n
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