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Oil prices tumble below US$40 a barrel on dour economic news
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By Dirk Lammers, The Associated Press! [- S+ N7 b$ ^& A* h/ R% \3 Q
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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.
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# w2 ~, Z) x/ M4 X* S% 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.( D0 T% {5 p% G
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