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Oil prices tumble below US$40 a barrel on dour economic news
% H6 j% q/ @) y+ P0 y% X) zMon Dec 22, 4:00 PM% T( b( M; ^7 W! j
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By Dirk Lammers, The Associated Press
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+ m* J' N4 w* b) Z1 V7 jOil 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.6 ?1 P' t+ n0 p5 {
# H& N# z. F# QLight, 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.3 E0 V, A/ f0 k f
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