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Oil prices tumble below US$40 a barrel on dour economic news2 D9 l1 ~0 Z+ n6 {, M
Mon Dec 22, 4:00 PM
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6 d2 I" y+ ?. ?$ g( M; J- @By Dirk Lammers, The Associated Press7 a! k( C5 v, X& a P, L8 D
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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.& ]/ a- F; }: r6 A' M
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