LONDON, Dec 22: Oil prices sank on Monday, after tumbling close to a five-year low before the weekend, as weak energy demand and the global economic slowdown continued to plague the market, dealers said.

Light sweet crude for delivery in February slid $1.31 to $41.05 a barrel on the New York Mercantile Exchange (NYMEX).

The January contract expired on Friday after diving in intra-day trade to $32.40 per barrel -- which was the lowest level since February 9, 2004.

The price of Brent North Sea crude for February dipped $1.49 to $42.51 per barrel on London’s InterContinental Exchange (ICE).

Crude futures have collapsed since striking record high points above $147 per barrel in July, as a sharp global economic slowdown has slashed the world’s demand for energy.

Oil prices “relinquished earlier gains (on Monday) after Toyota Motor Corp announced its second profits warning in less than 7 weeks amid the global economic slowdown,” said Sucden analyst Nimit Khamar.—AFP