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Oil prices tumble below US$40 a barrel on dour economic news/ K, M' V9 S9 H% g7 y2 W& @
Mon Dec 22, 4:00 PM
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By Dirk Lammers, The Associated Press. h/ m9 e* G1 D5 M& t, }
; S1 U, @- W* y# V0 X- b" gOil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand.$ c2 b; y- D: g3 n0 {0 a2 [
! p* b% o$ d$ pLight, 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.& z1 e/ I' |' X3 Y. C' \0 F9 K
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