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Oil prices tumble below US$40 a barrel on dour economic news
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: t8 _4 J. @" K$ P. [By Dirk Lammers, The Associated Press
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Oil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand.0 C2 [/ S, Q$ K& ?8 i8 e
' n0 Z) r# x: z/ z! ]0 J- ZLight, 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., h, b2 u& Z& D( v
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