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Oil prices tumble below US$40 a barrel on dour economic news6 T Y9 D" Q$ \, y9 Z0 ?( n2 B: l) r
Mon Dec 22, 4:00 PM; ^4 G$ M5 e8 }! D+ J0 i# ^2 m
/ v1 Q* A* H& ?6 q+ q' hBy 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.0 W: u! G. O7 D: ]' R. H
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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.- ?8 e M" g& f* Z* t
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