LONDON (SHARECAST) - Oil prices slid below $40 a barrel on poor corporate reports and continuing signs that demand is further deteriorating.
Toyota Motors, Japan's largest carmaker, said it will post its first operating loss since the Second World War.
The group blamed the slump in the global economy, which has hit car demand, and the appreciation of the Japanese yen against major currencies.
Light, sweet crude for February delivery fell $2.45 to settle at $39.91 a barrel.
Despite a record production cut by OPEC last week, many analysts are sceptical on the oil cartel's compliance in the supply cut.
Gold pushed ahead as the dollar fell against the euro. It rose $9.80 to $847.20 an ounce.
