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Oil prices tumble below US$40 a barrel on dour economic news$ H! Q9 ~, j2 x% X9 m2 \0 k; L
Mon Dec 22, 4:00 PM/ c$ E; p) c% S
8 z- u5 @. X8 ABy Dirk Lammers, The Associated Press
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5 |1 s. t$ \% ^8 G( QOil 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.3 y7 z; O9 B& a3 w3 |4 l% R8 B
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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.& v4 c" c7 x* Q8 ]3 J. E0 P
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