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Oil prices tumble below US$40 a barrel on dour economic news7 `: A- g6 ?! _4 W* |* Y
Mon Dec 22, 4:00 PM7 P0 F; G( p1 d2 U9 M9 f0 D% f6 m
; t$ o$ L$ E3 Y) iBy Dirk Lammers, The Associated Press
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^% T+ `- ]; D- Q) ^% ^0 IOil 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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( m5 t C6 s( }2 ~8 P& iLight, 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.9 F0 \( [3 o- I# ] I
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