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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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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.0 p" y6 G% _# h7 X- y) b4 U/ |# E
/ N! ~' J( C) L" X& ]8 `! ILight, 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.& m0 }4 F/ J' p9 Q, ^* [; x
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