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Oil prices tumble below US$40 a barrel on dour economic news
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By Dirk Lammers, The Associated Press) j- A0 u8 Z8 c+ @; e9 L. o- V( }' ?
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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.1 |* R+ ?' p. J( o% t
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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 $147 in July.+ R4 V6 E, B2 f1 `) I' ^3 Q$ J+ ^
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