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Oil prices tumble below US$40 a barrel on dour economic news9 T; u% ]. o0 e. k2 l
Mon Dec 22, 4:00 PM1 @) B7 G( s( B( R1 C
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By Dirk Lammers, The Associated Press; Y! W2 T8 ~4 D8 b3 R5 y+ U
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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.. M v0 C* D3 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.) }: d2 v) G) r/ s" I- ^
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