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Oil prices tumble below US$40 a barrel on dour economic news
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9 k' T/ n& C: N. q0 i" ~By Dirk Lammers, The Associated Press" o/ i8 o+ i. V' L
3 n' Z: P# e! q8 n/ |' `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.5 g6 c. Y9 i4 }
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