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Oil prices tumble below US$40 a barrel on dour economic news1 e3 p4 l! R6 n: W9 R4 P6 Y# d
Mon Dec 22, 4:00 PM3 w# d7 p) D' @
0 H( p6 x" Z! _& U$ vBy Dirk Lammers, The Associated Press! v: M- N( I' g+ H( V/ |
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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. l; p- z6 \% I V' U) ?7 `
+ k. T" `/ q/ l, w' Y: `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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