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Oil prices tumble below US$40 a barrel on dour economic news l% P$ j+ y! S, a- p! z
Mon Dec 22, 4:00 PM
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By 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.0 P) e! R# _5 i; n/ `8 N
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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.3 b- p; o; m( s
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