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Oil prices tumble below US$40 a barrel on dour economic news
) Y$ x" C% V/ c" [% ]Mon Dec 22, 4:00 PM
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By Dirk Lammers, The Associated Press
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Oil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand.; k$ h8 _2 E7 g; P5 l, Q
7 j" l7 `2 C X3 B5 t& C& D0 OLight, 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 $147 in July.$ r. z5 V3 a& W% \$ O% y
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