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Oil prices tumble below US$40 a barrel on dour economic news2 C( D! R2 l' x! x7 J/ a) x
Mon Dec 22, 4:00 PM$ ~3 Z* ~: X! F4 V+ e+ s
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Oil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand.: k, _6 D0 u7 P, q$ r8 f$ u
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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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