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Oil prices tumble below US$40 a barrel on dour economic news5 {6 t6 f. D) O" T- D; W
Mon Dec 22, 4:00 PM. c7 Q) q7 u0 y( U5 A. F
( i1 c( W8 `, ?) S% Q) q* W9 [By Dirk Lammers, The Associated Press
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' Y" `) x4 Z' H( b5 f2 `9 J6 ROil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand.. s$ `$ Y/ A- h/ n# g
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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 $147 in July. e: F9 `$ u8 u, K) I; w& G# V: I$ x
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