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Oil prices tumble below US$40 a barrel on dour economic news$ f8 k; {6 ]0 r7 h
Mon Dec 22, 4:00 PM* o% [! B! i. k m9 H+ x" O. t. Z
9 C; `: a) } n( S- Z6 zBy 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.+ G# T: {+ X8 s6 _( i. H
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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.
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