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Oil prices tumble below US$40 a barrel on dour economic news
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4 z: j& O9 C6 |. A1 GBy Dirk Lammers, The Associated Press
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! M r& I/ n p0 ^2 H# J! Z2 F2 YOil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand.$ F2 i- h0 V0 |! j) z1 O. n
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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.
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