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Oil prices tumble below US$40 a barrel on dour economic news
B8 Y+ ^7 z3 HMon Dec 22, 4:00 PM. G) |; z& D f1 H5 a
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By Dirk Lammers, The Associated Press
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; C7 a7 \* @( e+ hOil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand.: z! t# s$ ~) n4 P
% O7 e; e( u, n5 R0 s( }2 \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 $147 in July.# y" D& [! n7 I- g$ R/ w
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