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Oil prices tumble below US$40 a barrel on dour economic news' s4 Z: S8 K2 A' ~
Mon Dec 22, 4:00 PM
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By Dirk Lammers, The Associated Press, }% c8 f! _8 Z7 A+ t
' a' A% Y& H4 Q/ a) A$ |2 |$ u0 iOil 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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0 g6 Q4 |# V! }4 mLight, 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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