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Oil prices tumble below US$40 a barrel on dour economic news+ D- F* r3 i1 G4 I9 X
Mon Dec 22, 4:00 PM
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) S/ M0 P% I3 f8 u* B* zBy 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.
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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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