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Oil prices tumble below US$40 a barrel on dour economic news k2 D. e9 T+ X' t" g! W( O' `$ I* Y# Y5 V
Mon Dec 22, 4:00 PM
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By Dirk Lammers, The Associated Press: B( r' B5 f S) F: b) f) r
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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.& i2 N, {6 \" D& n ~ F% n' ^
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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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