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Oil prices tumble below US$40 a barrel on dour economic news2 l8 K. v; c4 y0 ?- C
Mon Dec 22, 4:00 PM& b, @* B0 k* z& @
. M- N- V$ j& o: W5 u! jBy Dirk Lammers, The Associated Press, L9 D* J( X" A1 H" p! e. _4 G+ p
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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.; q# s/ H% r* I2 _% ~# C, u
$ b- m, |/ ~4 y5 S- pLight, 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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