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Oil prices tumble below US$40 a barrel on dour economic news
: a: M Z6 c! t- AMon Dec 22, 4:00 PM
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By Dirk Lammers, The Associated Press, o& B6 Q5 Q* [3 h _9 F E
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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.
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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.8 b4 I4 Y) o9 j, v+ s0 X7 r
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