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Oil prices tumble below US$40 a barrel on dour economic news
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1 {+ H: U% L1 H, _By Dirk Lammers, The Associated Press4 c8 A/ Z2 J) F! p4 p" o, Z
X' j$ P. c" pOil 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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( r8 U5 w6 M: N7 b+ 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 $147 in July., \; `' W: T; M& \8 K8 W$ l# I
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