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Oil prices tumble below US$40 a barrel on dour economic news
# {1 ^ l0 j( c, uMon Dec 22, 4:00 PM8 b3 w9 u. `3 K
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By Dirk Lammers, The Associated Press* R0 W0 c% A& {
! b8 D) N5 U8 X9 H! f1 I* D3 i+ `Oil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand.+ c5 A$ j! m* B7 |* K
P2 L/ s. s3 ^. sLight, 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.( L& x4 T q7 M# n2 I% T2 ]
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