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Oil prices tumble below US$40 a barrel on dour economic news* w) `9 C5 b) y: r- M+ k
Mon Dec 22, 4:00 PM
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2 ]! d$ e' w5 e/ q) g# R0 A$ @& ABy Dirk Lammers, The Associated Press
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& k9 ?5 ~" k# 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.
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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.7 s& `5 B# e: k1 W
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