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Oil prices tumble below US$40 a barrel on dour economic news |7 s5 Z( L: h$ a% H
Mon Dec 22, 4:00 PM
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/ d; R6 i; q1 RBy Dirk Lammers, The Associated Press+ d/ b; ~* C4 q
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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.9 x: d4 _& Q( Z/ T
9 N: ]% u% y# }' Y! tLight, 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.. g. V, A0 r' L1 A+ U+ @' j
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