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Oil prices tumble below US$40 a barrel on dour economic news0 t5 H/ k% `% ?% G4 |
Mon Dec 22, 4:00 PM
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; @* O/ j5 y! w" aBy 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.* v+ P5 {0 ]: L. o& T, W# M, _
8 n: u" d( _4 m5 ZLight, 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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