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Oil prices tumble below US$40 a barrel on dour economic news( _" Y9 I! U1 W1 ]" `8 I
Mon Dec 22, 4:00 PM
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By Dirk Lammers, The Associated Press' O- Z" T/ s: E( H
! Y; L- c7 A, [1 P3 C0 w2 s" p% J& nOil 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.% a, r# ~, Q7 T+ u
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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.: b6 @, i: p( `. Y2 E5 A
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