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Oil prices tumble below US$40 a barrel on dour economic news$ v9 Y2 p+ D4 S
Mon Dec 22, 4:00 PM
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9 m' _! A- a7 u' P0 J4 KBy Dirk Lammers, The Associated Press, A+ g; X( e( z* c+ Z2 G
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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.* T9 g8 D5 t2 F( x' U# ?8 p% L7 p" k
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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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