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Oil prices tumble below US$40 a barrel on dour economic news, H# T# F5 E; p
Mon Dec 22, 4:00 PM6 I% Y. [: o* a( o! Y# m3 z* Q$ l7 e
7 ?. H' x! v7 V) R0 eBy 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.1 p8 v9 D) M7 o c& @
5 \) e( X/ I7 |: B4 d* c% ?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.3 n! [3 v6 v- y) T% ^
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