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Oil prices tumble below US$40 a barrel on dour economic news4 Z7 r. N7 ]% |$ w; [
Mon Dec 22, 4:00 PM
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) B+ \0 M$ ~/ U" t5 M8 a2 U6 G& rBy 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.* T* J8 K9 q. h: E1 t* c
' T; t* P" I y' S: ?& _2 B6 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.6 Z! e# \0 v7 o5 D
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