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Oil prices tumble below US$40 a barrel on dour economic news2 x9 _ y& @$ K6 R8 K( J4 \1 b3 g: x
Mon Dec 22, 4:00 PM% V2 A0 C& k/ R! p0 F
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By Dirk Lammers, The Associated Press
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# V( |( n( A( D7 e- |, X U8 @2 G2 M6 ? GOil 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.. ~' a! g8 {) ]7 J1 _7 B
, w% E# p% s; xLight, 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.# m* y* Q( N3 g
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