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Oil prices tumble below US$40 a barrel on dour economic news( x0 k5 V1 r0 |9 R" K7 R" m: ?4 n
Mon Dec 22, 4:00 PM
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* e/ ]4 p. }3 f- T2 _ i( kBy Dirk Lammers, The Associated Press9 L3 r6 V1 p7 S# y$ l7 k; }3 H
6 d+ _0 o2 k# E; Z# @& hOil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand.
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0 H3 s( m& j' l$ r0 g3 q9 k1 KLight, 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 $147 in July.9 f; L& d: P) E: Q$ c
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