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Oil prices tumble below US$40 a barrel on dour economic news
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By Dirk Lammers, The Associated Press* o& ^6 o6 T, c! e/ F; e3 c
' ^4 v9 Z9 k) r1 E. YOil 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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' Y7 m; H. d! C( N2 d. H6 wLight, 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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