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Oil prices tumble below US$40 a barrel on dour economic news! s2 n! i( S a. n1 d# F4 G
Mon Dec 22, 4:00 PM2 `) T; v2 M6 Y! h
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By Dirk Lammers, The Associated Press
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5 I% }0 T! V: L3 A/ F# V- G7 X7 BOil 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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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.2 j1 ?4 V6 a; ]5 V& |2 Q
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