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Oil prices tumble below US$40 a barrel on dour economic news6 P: o! O% O3 x: A1 b$ i2 E& S
Mon Dec 22, 4:00 PM, Y9 D& q& _( W. {% K1 F8 x
* F+ |' w) ^$ o5 Z0 L; m; n! l+ YBy Dirk Lammers, The Associated Press9 F! y- |/ [$ i: @0 P
2 X* W, g% N7 P y( ZOil 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.
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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 $147 in July.1 E0 N, K$ ~2 _, m: }. D
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