SINGAPORE, Aug 12 (Reuters) - U.S. oil prices edged up from six-year lows on Wednesday after China’s currency devaluation underscored fears over its economic health and OPEC production hit multi-year highs.
U.S. crude was trading at $43.53 per barrel at 0024 GMT, up 45 cents from Tuesday’s close, and Brent futures were 23 cents higher at $49.41 a barrel.
Traders said that the increases were largely a result of opportunistic buying after U.S. crude fell more than 4 percent on Tuesday to its lowest settlement since March 2009, and as international Brent futures dipped back below $50 a barrel.
Overall, analysts said that oil fundamentals remained weak.
“Last week’s strong trend of a build-up in (U.S.) refined product inventory will be negative for prices if the trend continues again this week. Globally, OPEC posted the highest crude supply in more than three years. Output increased by 100,700 barrels/day to 31.5 million barrels per day,” ANZ bank said on Wednesday. (Reporting by Henning Gloystein; Editing by Michael Perry)