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On Thursday, oil prices decreased due to a slump in the global stock markets. US stocks fell hard and washed off all the gains of the year. This was the sharpest decline since 2011. Overall, the prices declined by 1%. Brent slipped by 1% and was traded at $75.42 a barrel while US West Texas Intermediate fell down by 0.9% and was traded at $66.23 a barrel.