Word that OPEC kingpin Saudi Arabia would defend its economic interests sent an already battered oil market into a tailspin during the Tuesday session. Crude oil prices suffered major losses Monday , with the price for the U.S. benchmark, West Texas Intermediate, and Brent, the global benchmark, reaching five-year lows. Oil prices are about 50 percent lower than they were in June 2014. Prices have declined dramatically since late November when members of the Organization of Petroleum Exporting Countries opted to keep production steady despite tough market conditions. Saudi King Abdullah in a speech read by Crown Prince Salman bin Abdulaziz suggested the kingdom was staying the course even with oil prices off about 25 percent since the OPEC meeting in November. “The kingdom will […]