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Oil prices tumble below US$40 a barrel on dour economic news% i' s! s% P; j2 H! I, ^
Mon Dec 22, 4:00 PM
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D# x# P9 {+ Y8 m3 I# o% HBy Dirk Lammers, The Associated Press" j s# K3 i% r2 T. A
1 x( o, b/ A/ f2 r5 q0 l+ r- `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.
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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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