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Oil prices tumble below US$40 a barrel on dour economic news
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( {; x. {8 o7 t1 y0 ]; G4 c5 | P6 SBy Dirk Lammers, The Associated Press9 p. e8 \4 Y2 l" Y5 }+ T1 P
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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., a6 a9 ?: Q) e5 t; g3 K
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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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