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Oil prices tumble below US$40 a barrel on dour economic news
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i; q% n# K7 c8 z" n1 XBy Dirk Lammers, The Associated Press* V6 s/ M8 F6 p. k4 w. I
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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.3 G, D, Q6 @- H3 Z
' k6 v0 W2 \, @) z# YLight, 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.( ?' u+ x5 i' d; {# u" E5 t# I
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