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Oil prices were weighed down on Tuesday because of the economic slowdown. However, the market has been kept a little stable by Saudi Arabian statement which signals an extension of supply cuts. Brent decreased by 0.4%, at $61.06 per barrel. WTI declined by 0.3%, at $53.08 per barrel. Saudi's Energy Minister said that the producers have agreed on working “to sustain market stability” in the second half of the year.