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Oil prices tumble below US$40 a barrel on dour economic news$ A( x- ~& Z" p7 M2 K/ U8 D+ |
Mon Dec 22, 4:00 PM
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$ V( y; F s0 |+ fBy Dirk Lammers, The Associated Press6 N' v; W/ f7 \9 O6 W& b: |+ V: m
. I& Y2 K% E8 u2 f8 COil 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.% l0 B2 r6 j3 m. ]
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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.
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