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Oil prices tumble below US$40 a barrel on dour economic news9 N5 {; B: _2 q R7 E# m
Mon Dec 22, 4:00 PM6 A& U& D& M, z- y3 D1 Z
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By Dirk Lammers, The Associated Press
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; w3 o4 z9 |/ q: y& p, J7 gOil 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." ?8 I: y* ~6 @! q0 t
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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.; k' L, C' R: i2 V: `# N
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