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Oil prices tumble below US$40 a barrel on dour economic news' ]% z2 ~9 r! j! w
Mon Dec 22, 4:00 PM+ L2 m* z' o) r5 I$ ~$ e5 F: ?
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By Dirk Lammers, The Associated Press4 j p* }& K( }4 W7 D: ]( G( m2 ?
" T2 R5 Y9 \" i7 T0 W7 ^3 _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.1 b) Q) R9 ~& R6 T' Z9 F
+ I: a8 J1 O8 h' t J5 SLight, 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 R, z7 K& `0 r7 {! g# z6 M
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