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Oil prices tumble below US$40 a barrel on dour economic news: |$ ]7 X! J: l: f
Mon Dec 22, 4:00 PM
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# U& L4 Z9 X/ z! `% G" hBy Dirk Lammers, The Associated Press
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Oil prices tumbled below US$40 a barrel Monday as reports from manufacturers like Toyota and Caterpillar pointed to a worsening global economic climate and serious deterioration in energy demand.. m8 [+ L, j# o
& J5 p" O1 b) O$ f- W. @6 cLight, 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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