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Oil prices tumble below US$40 a barrel on dour economic news. T0 w5 q9 O9 a' m
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, W" @% d4 t% d P) v3 P" M" UBy Dirk Lammers, The Associated Press% N# {" |0 @0 [+ v1 Q+ G
& A* f6 w4 |! t9 YOil 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.9 x7 d B5 Z4 N
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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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