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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( p. [( s% n: z# k* z! T
8 V# C5 D/ z7 _) g' ?+ U* x, DOil 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., U0 f5 N: `' Q# ]
/ a% D9 \5 c6 ]0 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.
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