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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
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3 `* s0 N2 f+ b3 }. V7 lOil 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./ g/ V# C0 O; i; a1 J
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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.
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