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Oil prices tumble below US$40 a barrel on dour economic news
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By Dirk Lammers, The Associated Press& }7 }$ c" B3 t) Y7 t, T( U% T1 R
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Oil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand.* M8 o* I7 G& z: j2 W
3 V$ J9 s U; y- ^; PLight, 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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