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Oil prices tumble below US$40 a barrel on dour economic news4 k z. ?7 l# S8 I' I
Mon Dec 22, 4:00 PM1 p* U7 N. z$ n) d! y
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By Dirk Lammers, The Associated Press; A9 ~/ @( A+ b3 u& U/ E
; d$ o8 N0 {) Z: L2 s! [) h* F" ?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.( h; h4 e! ^4 m6 `: E0 i
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