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Oil prices tumble below US$40 a barrel on dour economic news
V* m: ]: i2 z' [* OMon Dec 22, 4:00 PM% q9 u0 F4 x& q A m
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By Dirk Lammers, The Associated Press) w D# h' S( j* v- p& e
5 B- I3 y c" d! @( HOil 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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6 E# J% k' _2 gLight, 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 $147 in July.- l1 x! }7 N* l6 H$ ?6 m5 o- j
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