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Oil prices tumble below US$40 a barrel on dour economic news* y4 D3 Y1 Q. [1 K+ b0 Y
Mon Dec 22, 4:00 PM. t @( S+ v( V' w/ P- \' Z
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By Dirk Lammers, The Associated Press6 i' `7 z7 |5 u9 k9 C4 I9 n
5 M5 k9 \3 {& ROil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand.& b$ F9 t+ x- Q4 s8 k
* J% X- |+ ~$ V! s4 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.
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