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U.S. crude edges up, but remains near 12-yr lows on China worries

Published 2016-01-07, 07:29 p/m
© Reuters. U.S. crude edges up, but remains near 12-yr lows on China worries
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SEOUL, Jan 8 (Reuters) - U.S. crude futures inched up early
on Friday but remained near 12-year lows as financial market
unrest in China rattled investors already concerned about a
world glut in oil.
U.S. crude West Texas Intermediate (WTI) CLc1 was trading
12 cents higher at $33.39 a barrel by 0028 GMT after settling at
$33.27 on Thursday. In the last session, it hit its lowest since
late 2003 at $32.10.
Brent LCOc1 settled down 48 cents at $33.75 in the
previous session, after sliding to a low of $32.16, a level last
seen in April 2004.
"Oil remains under pressure amid concerns about China's
economy and yuan depreciation," ANZ said in a note on Friday.
"With rising Middle East tensions now a distant memory, oil
is likely to test the $30 a barrel level amid growing concerns
on the impact of a weakening yuan on Chinese demand."
Shares on major exchanges fell for a sixth straight day on
Thursday as investors fretted over the state of China's economy
and its ability to stabilize its stock market. MKTS/GLOB

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