Oil prices steady on short-covering after nearing 12-year low

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REUTERS – Oil prices steadied on Thursday after falling earlier to near 12-year lows as short-covering helped crude futures rebound from sentiment dented by a tumbling Chinese stock market.

Global oil benchmark Brent was up 7 cents at $ 34.30 a barrel by 11:00 a.m. EST (1600 GMT) after sliding 5 percent during European trading to a low of $ 32.16, a level last seen in April 2004.

U.S. crude’s West Texas Intermediate futures were up 15 cents at $ 34.12, after hitting a low of $ 32.10, their lowest since late 2003.

(Reporting By Barani Krishnan; Editing by Marguerita Choy)