Oil prices plunged by more than 1.5% to below $61 a barrel on Monday, extending last week’s heavy losses as deepening U.S. trade wars fanned fears of a global economic slowdown. Saudi Arabia, the de-facto leader of OPEC, sought to stem the price slide with assurances that the group of oil producers together with Russia would continue managing global crude supplies to avoid a surplus. Front-month Brent crude futures were at $60.96 at 0844 GMT, down $1.03 or 1.7% below Friday’s close. Prices had dropped by more than 3% on Friday, with May recording the biggest monthly loss in six months. U.S. West Texas Intermediate (WTI) crude futures were at $52.98 per barrel, down 52 cents, or 1%. Global markets have reeled in […]