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Oil prices tumble below US$40 a barrel on dour economic news. Q) u3 z( l a0 ^4 a2 Y; y
Mon Dec 22, 4:00 PM
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! R* b" D/ H6 i; x5 f* WBy 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.3 {- e! e; m1 ]0 f% F, { K7 ]
2 z' h/ C6 }/ G3 k# S/ ^9 FLight, 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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