SEOUL 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 (1928 EDT) 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]
(Reporting by Meeyoung Cho; Editing by Joseph Radford)
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Updated Date: Jan 08, 2016 07:00 AM