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Oil prices stabilized on Thursday amidst rising US inventories and global economic downturn. Brent increased by 0.3% and was traded at $60.78 a barrel. WTI went up by 0.3% and was traded at $51.84 per barrel. According to EIA, in the week to May 31 the crude production upsurged to a record 124.4 million barrels per day.