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Oil prices tumble below US$40 a barrel on dour economic news6 c1 w9 R, e* @* g! i; m6 _
Mon Dec 22, 4:00 PM
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By Dirk Lammers, The Associated Press
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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.! X8 @! x0 _- {" T% B& d# L
9 ~3 g7 D _3 j3 Q/ z' |, Q* tLight, 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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