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Oil prices tumble below US$40 a barrel on dour economic news) S- S# H( g A( g3 \/ L+ E
Mon Dec 22, 4:00 PM( t0 q$ [, l& `& d. y! P, S0 B
4 Y5 [& }# Y: u1 q; CBy Dirk Lammers, The Associated Press
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q! a# n# q6 t, y9 y# L% ]2 e' zOil 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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' {2 t' C b/ v O+ Z+ n4 X }3 KLight, 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 L+ W* N# H/ k# {
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