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Oil prices tumble below US$40 a barrel on dour economic news& R9 V$ ~3 P; K' E
Mon Dec 22, 4:00 PM
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7 m! G7 M0 t: F3 M' m; FBy Dirk Lammers, The Associated Press2 c; l- w- w* b3 [. r
3 ]/ C6 O+ K8 Y/ R4 O: zOil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand./ J8 A- c# S+ H) F$ B& i
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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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