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Oil prices tumble below US$40 a barrel on dour economic news
$ j/ M2 O, S" t4 b2 M' s& bMon Dec 22, 4:00 PM; Q3 T! U3 r; e7 f# m! R. ~
+ x2 D' d$ ]! l4 v& p( p3 F eBy Dirk Lammers, The Associated Press" A6 O2 `& c5 W; H! ^
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Oil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand.9 R! o, z1 N0 v7 m3 d
1 ^, x( i1 E4 N& d$ Q0 \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 $147 in July.5 Q' J1 C" P! j* n$ O. l# @; ]
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