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Oil prices tumble below US$40 a barrel on dour economic news( f; M" Z% j4 Z* n/ K
Mon Dec 22, 4:00 PM
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By Dirk Lammers, The Associated Press
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1 m3 d5 W b( v9 z8 hOil 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.. G+ _8 N- b7 o6 Z) p& @
8 ^" a. W7 b* M F0 O: r& oLight, 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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