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Oil prices tumble below US$40 a barrel on dour economic news* d- P( T P2 F9 I& D6 z8 x
Mon Dec 22, 4:00 PM
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By Dirk Lammers, The Associated Press
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# {- w$ R: X, `7 a+ ROil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand.
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7 J6 M$ o, n" d7 ELight, 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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