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Oil prices tumble below US$40 a barrel on dour economic news
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" g* a$ x b; j$ \- VBy Dirk Lammers, The Associated Press7 {4 P! s1 P" o4 M G6 B& C# o
+ G3 x4 R8 L1 v1 z; X! ]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.8 c/ `8 i6 s3 e1 i0 X
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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.
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