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Oil prices tumble below US$40 a barrel on dour economic news/ ^! t$ G, W J1 f5 m
Mon Dec 22, 4:00 PM3 A% ^/ T0 |+ s$ G
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By Dirk Lammers, The Associated Press) `# r6 t$ r6 o9 Y
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Oil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand.$ G) e$ w* }; S( ` `$ l# V
( d# t6 Q/ F$ C: M4 s+ q# tLight, 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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