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Oil prices tumble below US$40 a barrel on dour economic news- d+ t( v" U d6 p
Mon Dec 22, 4:00 PM2 W! R* m: F9 x7 c4 Q4 a% u
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By Dirk Lammers, The Associated Press
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+ P, z8 v% O+ v4 @) p7 b5 }) POil 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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