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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& S# N% n3 ~1 _
* C% j0 a+ r" z# ^! z1 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.: @8 y% m2 V. P# u1 F( e3 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., \# H. i. k8 N) v1 i1 J: f- H
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