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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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. M% r6 e* ?2 k8 p" r% V/ rOil 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.' |) U' ]7 P) X/ \# S
/ x4 p# i( ^" P! ^ N) j( FLight, 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.8 L2 ^1 l# `/ }& d7 [0 c
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