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Oil prices tumble below US$40 a barrel on dour economic news- N5 f0 g6 S) l4 i/ O
Mon Dec 22, 4:00 PM T( i# |8 L1 F% r$ K5 M
- j7 v3 J2 A9 c/ iBy Dirk Lammers, The Associated Press
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Oil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand.' q: U' O" J5 [) P, K1 K$ `
0 d u' u5 y( r& a0 O- S( 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.5 Q0 y# ^0 D. ^. ^/ d/ Z: n1 D+ a
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