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Oil prices tumble below US$40 a barrel on dour economic news
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4 d- S& X5 X1 u! V: J- Y; vBy Dirk Lammers, The Associated Press
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- ~* | P+ Y) ZOil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand.7 w- n; W$ F7 T. G& `2 P
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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.% n1 [ h7 y# w7 g: \1 f
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