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Oil prices tumble below US$40 a barrel on dour economic news
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4 a7 p! m& f& cBy Dirk Lammers, The Associated Press4 E5 r; P6 v g! s( i( {
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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.- l( {8 [7 P4 M! V2 @5 f
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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., b- O" t- O7 I0 `6 S
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