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Oil prices tumble below US$40 a barrel on dour economic news
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- ^7 n) z* \* A5 O6 c9 gBy 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.
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6 l/ Y0 Z/ R; W6 |" `2 rLight, 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 $147 in July.4 \9 Y+ f) h& _% b- k$ v
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