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Oil prices tumble below US$40 a barrel on dour economic news
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By Dirk Lammers, The Associated Press
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8 g. W3 G7 ?1 Y. \& ]8 oOil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand.: l1 z: j' t0 G. Y$ `
^$ V/ Z, e' g+ w) O; d- SLight, 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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