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Oil prices tumble below US$40 a barrel on dour economic news
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By Dirk Lammers, The Associated Press0 U' v6 h) A: k& z4 a$ n- _) S
6 d% _* E( ?% Q, n- K' [: OOil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand.
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4 |2 O* m2 b8 c$ P4 E' o0 ~: ]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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