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Crude oil rebounded from a 12-year low as investors focused on the volatility in Chinese markets, after the country sought to quell losses in equities and stabilise its currency.
Brent rose 9 cents to $33.84 a barrel by 1114 GMT, near a low of $34.18 reached in July 2004. US West Texas Intermediate (WTI) was flat at $33.27 a barrel.
Over the past year, the world has been producing 1.5 million barrels per day more oil than it consumes. OPEC and the International Energy Agency expect global demand growth to slow in 2016 to 1.20-1.25 million barrels per day from a very high 1.8 million bpd in 2015.
Average US oil rigs fell by 46 in December to 714 compared with November, Baker Hughes INC said on Friday. The worldwide rig count for December fell by 78 to 1,969.
