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Oil prices tumble below US$40 a barrel on dour economic news' B) D& v) C, P Z# m* u3 |& C9 d; T
Mon Dec 22, 4:00 PM
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5 _ E& [$ \/ P, |( |By Dirk Lammers, The Associated Press/ C* ^. ]9 A, ]+ F$ }1 x0 v+ W
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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.4 w7 P# D% A4 y; h9 U
* D5 M. J8 o. v4 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." Z8 i1 A( ]+ R, D+ _7 W& D0 o7 b
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