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Oil prices tumble below US$40 a barrel on dour economic news
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8 O5 L% G6 z( JBy Dirk Lammers, The Associated Press C2 I' n7 D2 S- l* Z
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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." v1 V6 H; X& ?1 x8 F2 b
6 }% }: `1 A/ ]: P5 |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.
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