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Oil prices tumble below US$40 a barrel on dour economic news
* K; p. j/ C0 GMon Dec 22, 4:00 PM
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% N. I9 \2 C8 Y) HBy Dirk Lammers, The Associated Press$ U/ r4 C) H1 r, r( j
v! b; o% B+ f# A7 P9 ?Oil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand., Y8 I$ \2 n3 [% C: @. Y) Z
8 g5 y% [# e" o: wLight, 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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