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Oil prices tumbles as Americans cut spending
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Oil prices tumbled yesterday as Americans cut spending amid grim economic environment.

According to a US government report, consumer spending fell for a record sixth straight month in December as recession- battered households, worried about surging layoffs.

Meanwhile, total construction spending dropped by 1.4 percent in December, slightly worse than the 1.2 percent decline economists expected.

Light, sweet crude for March delivery fell US$1.60 to settle at US$40.08 a barrel on the New York Mercantile Exchange.

In London, the March Brent contract was down US$2.06 to settle at US$43.82 on the ICE Futures exchange.

(Xinhua News Agency February 3, 2009)

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