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Oil prices tumble below US$40 a barrel on dour economic news
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3 k8 P. |* N% C1 v( LBy Dirk Lammers, The Associated Press" l b* q9 R8 C7 B
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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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- L: k, y% y/ M, [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.( B& B9 J: V9 u, g1 N4 e5 g, _) d2 d4 G
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