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Oil prices tumble below US$40 a barrel on dour economic news0 ? f8 \- d3 \! P) k( e/ [
Mon Dec 22, 4:00 PM+ w3 ]5 P- ]% i* p! Z1 s3 P
, _2 X$ q7 o, |- f0 f! sBy 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.
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2 B+ g" o8 j& dLight, 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.2 {) q, l1 }" \0 o- g& O+ E: L2 L
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