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Oil prices tumble below US$40 a barrel on dour economic news0 i F3 G/ g& ?! f+ i9 d! C
Mon Dec 22, 4:00 PM- S8 m6 }, P u
+ X f8 H2 g/ d9 Z; ABy Dirk Lammers, The Associated Press
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) s5 v+ B. U$ Z, q1 ^, {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.' q- U8 w( S, Q7 y8 ~
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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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