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Oil prices tumble below US$40 a barrel on dour economic news
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: L" ~: {- Z+ f% |& H6 ^- wBy Dirk Lammers, The Associated Press
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2 K1 B( C7 K1 ] S$ x- tOil 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.
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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.# v2 b( F) ?6 b( k B- W
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