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Oil prices tumble below US$40 a barrel on dour economic news
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0 Q6 G0 i' T# R. aBy 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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7 v) v" E5 ^" s) A) DLight, 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.% ^& A& [/ g; j3 |
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