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Oil Prices fell more than 1.5 percent to under $ 61 a barrel on Monday, prolonging last week's heavy losses as the intensification of the US trade wars fueled fears of a global economic slowdown .
Saudi Arabia, which de facto chaired OPEC, sought to stem the price slump by ensuring that the oil producer group as well as Russia would continue to manage global supplies of crude oil in order to reduce oil prices. 39, avoid a surplus.
Futures in Brent futures totaled $ 60.96 at 0844 GMT, down $ 1.03 or 1.7% from Friday's close. Prices had fallen more than 3% Friday, May recording the biggest monthly loss in six months.
The WTI (West Texas Intermediate) futures price was $ 52.98 per barrel, down 52 cents or 1%.
Global markets have collapsed in recent weeks, fearing the world economy will be stalled by growing trade tensions between the United States and China, the world's two largest economies and the biggest energy consumers .
Trade fears continued when US President Donald Trump announced punitive tariffs against Mexico, the main supplier of US oil.
"Traders are increasingly involved in a protracted trade war that is hitting the global economy," said Jasper Lawler, head of research at Future Capital Group, London Capital Group.
In a typical market movement in times of uncertainty, gold reached its highest level in more than two months on Monday, as investors turned away from risky assets like oil and have parked their money in haven paradises like the precious metal.
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Brent oil prices fell nearly 20% from their peak in 2018, due to tighter global supply due to production restrictions imposed by the Organization of Petroleum Exporting Countries and Russia, as well as the decline in Iranian exports due to US sanctions and Venezuelan production.
Saudi Arabia, the world's largest exporter, pumped 9.65 million barrels of oil a day, more than the production target set as part of a global pact to reduce oil prices. Oil supply, said Monday a source of the Saudi oil industry.
The Saudi production target under the OPEC pact is 10.3 million bpd.
"The fundamentals of supply do not count for the moment, as market players are fully focused on demand-side concerns," Commerzbank's Carsten Fritsch told the Reuters Global Oil Forum.
US drillers have increased this week the number of oil rigs in operation for the first time in four weeks. Weekly production reached a record 12.3 million bpd.
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