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Oil prices tumble below US$40 a barrel on dour economic news
$ T/ O& X" R9 U- w+ R4 O9 ]1 f" JMon Dec 22, 4:00 PM7 b. N" s' ?% O( P$ {
: n+ L7 a( F. [3 {( ABy Dirk Lammers, The Associated Press' b! ]( T" w6 L" {
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Oil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand.+ Q9 ]+ d, _$ a& L- n& }
+ r3 }: g& w) gLight, 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.: L& ?: t0 c: ^" U! h" i/ B
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