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Oil prices tumble below US$40 a barrel on dour economic news r6 K$ F- t" H' g5 D
Mon Dec 22, 4:00 PM
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By Dirk Lammers, The Associated Press9 O7 y2 M( q0 L `! |/ W
% x/ R4 ^2 J$ U& y) C+ hOil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand., I7 Z9 v, T$ d; J* `' j2 O+ R4 X( M+ Y
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Light, 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.; X. A+ |: R; z5 \9 `, S
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