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Oil prices tumble below US$40 a barrel on dour economic news* y* N" c+ Z* b+ ]" `& L9 |6 h
Mon Dec 22, 4:00 PM
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By Dirk Lammers, The Associated Press
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6 Z' e; u! q- t. \" |6 ]2 s; AOil 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.# s E; f8 S1 \# z
4 {, O6 {' Z+ Q- M ~- jLight, 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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