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Oil prices tumble below US$40 a barrel on dour economic news4 p+ _0 W, K9 K9 j
Mon Dec 22, 4:00 PM
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By Dirk Lammers, The Associated Press/ p; _" h$ m U" @4 a- c
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Oil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand.& w" t* D. c( i: R$ ~- s6 |
; z, N9 z8 s; i6 N7 J. ALight, 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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