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Oil prices tumble below US$40 a barrel on dour economic news
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By Dirk Lammers, The Associated Press
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( z8 |& ]9 l( x( @- V$ b6 D. iOil 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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/ [1 C `/ B' MLight, 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.. _' B2 N7 I: i6 b3 [7 S
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