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Oil prices tumble below US$40 a barrel on dour economic news
2 t* Y) {( p6 { I3 h4 SMon Dec 22, 4:00 PM
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By Dirk Lammers, The Associated Press
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6 J" g, R& y) m4 F0 G4 m4 mOil 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 z" ~" b% R/ ~' h; s" ?
- e/ x3 @7 G8 fLight, 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 $147 in July.5 ?( Y$ t2 U1 V" |2 x! k
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