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Oil prices tumble below US$40 a barrel on dour economic news% y+ Z4 e$ @% ~% y+ [
Mon Dec 22, 4:00 PM6 H9 h% F9 H7 |; k9 C( u
9 q: K, I: l& v2 s; lBy Dirk Lammers, The Associated Press
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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.# y' c% K* K6 o9 h
; H6 O% O0 c3 \8 w0 j+ D! PLight, 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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