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Oil prices tumble below US$40 a barrel on dour economic news" E. W, c& e% R; G! m) V3 I' W
Mon Dec 22, 4:00 PM" a6 ~1 ^# p5 t( u" j- o+ q- ^! m, w; _
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By Dirk Lammers, The Associated Press
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Oil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand./ T& J/ E: j$ \% f
& p3 e- Z5 K. l3 \3 }% }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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