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Oil prices tumble below US$40 a barrel on dour economic news- E/ U1 R. F$ E% W1 E
Mon Dec 22, 4:00 PM
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1 o# u( x1 D+ F, H$ U7 n2 n: ^By Dirk Lammers, The Associated Press
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]2 s' m3 d5 ~. \. x& W* \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.
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