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Oil prices tumble below US$40 a barrel on dour economic news' D; }$ i% q( [8 M r2 V: _
Mon Dec 22, 4:00 PM
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; H/ N w9 A* L. T2 }By Dirk Lammers, The Associated Press
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4 Y( H9 x2 t8 C' g& r8 Y+ {/ POil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand.
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' Y+ @$ F7 d* R. Z, 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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