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Oil prices tumble below US$40 a barrel on dour economic news$ t: L: k w r+ f, i+ W
Mon Dec 22, 4:00 PM% F4 p5 M% J" Y2 J/ G- c2 E8 c
! }& \, x8 Q4 e" ~( ABy Dirk Lammers, The Associated Press
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6 J+ b3 |& H$ J: u" a, K HOil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand.- \* o c# o4 K$ @! R) {
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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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