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Oil prices tumble below US$40 a barrel on dour economic news
6 X9 z: B5 g) h2 p, I0 AMon Dec 22, 4:00 PM$ M9 `6 o3 O% W1 [$ a: I
+ R, u. \$ l6 r$ h8 b9 S" SBy Dirk Lammers, The Associated Press
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. Q- h# p9 F& \8 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.
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* r- S. n6 p# W2 j) i0 D2 tLight, 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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