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Oil prices tumble below US$40 a barrel on dour economic news0 i7 u; f, q2 h) R% W
Mon Dec 22, 4:00 PM$ @) p# O) o6 A3 E# c: M% 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., T: L( R I0 z/ Q
+ m# Y# @6 |# t% H6 `. |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 $147 in July." L2 e3 W, Q" W$ ^, J4 |" G
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