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Oil prices tumble below US$40 a barrel on dour economic news! F! I4 `6 p+ e
Mon Dec 22, 4:00 PM8 Z: {! E) X$ n
3 w, Y6 D9 C# L0 B& v0 I3 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.3 ^* D# g* Y% a) p, p# w% B
% I. ^* V1 g- N3 l) lLight, 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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