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Oil prices tumble below US$40 a barrel on dour economic news
5 A v, h9 `) e- B6 ]. u( EMon Dec 22, 4:00 PM
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By Dirk Lammers, The Associated Press4 a' @. N& l5 `# v% Q3 Q1 O
$ @/ j+ X; z" h, a# w& [, ZOil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand.; W6 {! i$ M' m" w# g. I! I/ ~
4 ^5 [ m) O- I8 b5 VLight, 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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