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Oil prices tumble below US$40 a barrel on dour economic news- D' X) n- E9 {1 F5 g3 j
Mon Dec 22, 4:00 PM# O7 T' S( o: X2 {
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By Dirk Lammers, The Associated Press
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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.1 h5 ]8 p0 S: S3 k1 P
- d% G, _3 k; A/ C& Z& `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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