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Oil prices tumble below US$40 a barrel on dour economic news5 h& I `- t! s+ M
Mon Dec 22, 4:00 PM+ {0 [; r+ V! o( F
: m. P& [; q1 o# lBy Dirk Lammers, The Associated Press$ z1 k% H3 X) W! [9 H( p
p2 t+ p- L- X- H- \5 _2 z& ?) FOil 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.' j# Q+ H0 S9 p) Y* g, B5 O4 p7 D% }
$ s% q" p# A% m6 i4 ^4 C3 ~+ k& YLight, 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. X6 a! G6 I2 u6 s% \
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