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Oil prices tumble below US$40 a barrel on dour economic news7 s& F; k! ^1 s# U. l' ?
Mon Dec 22, 4:00 PM
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By Dirk Lammers, The Associated Press) k7 Q. c7 v1 V% O; r; e
0 G; M" F* ^3 |; E1 f# K, r& sOil 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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) X3 R# o h/ ^( n1 r! A, B% yLight, 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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