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Oil prices stabilized on Wednesday on the hopes of increased Chinese spending. This improvement in China’s spending is expected to get the steadiness in the slumping global economy which is affecting the financial market. Brent went up by 0.6%, to $61.85 per barrel. WTI increased by 0.5%, to $53.26 per barrel. The market is worried about the economic slowdown after the reports of GDP growth by Japan and China.