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Oil prices tumble below US$40 a barrel on dour economic news- [( @ J+ [( [2 \8 v' Z) C' O3 f8 [
Mon Dec 22, 4:00 PM
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6 r; {/ O# L, i# [8 c; UBy Dirk Lammers, The Associated Press) ^6 U" V. s% d$ U3 e
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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.
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9 \& c+ C' R; 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.# A; R/ W. A+ `% O
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