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Oil prices tumble below US$40 a barrel on dour economic news
( H. H) |- g. |) Y$ L; I9 PMon Dec 22, 4:00 PM1 y8 ?* m( [! f% t2 M0 h
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By Dirk Lammers, The Associated Press
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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.3 U2 c# ~0 j0 Q
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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 $147 in July.9 w' Q/ [; g" F' [$ Z& Y
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