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Oil prices tumble below US$40 a barrel on dour economic news
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; G% C9 ]7 t, U9 G$ q7 D" F x8 IBy 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.
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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.# w" e5 Y2 f8 X4 {( r0 Y' _; t
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