Oil slips anew, stocks worldwide gain

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NEW YORK, Feb 25 (Reuters) - Crude oil resumed its recent decline, but equity markets were stronger on Thursday, with Europe rebounding from losses on fears of Great Britain exiting the European Union.

Wall Street was little changed after Wednesday's late-day gains that marked a reversal from earlier losses. Chinese stocks dropped 6 percent, feeding concerns about the strength of the world's second-largest economy.

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The Dow Jones industrial average rose 4.94 points, or 0.03 percent, to 16,489.93, the S&P 500 gained 0.17 points, or 0.01 percent, to 1,929.97 and the Nasdaq Composite dropped 6.07 points, or 0.13 percent, to 4,536.53.

The SSE Composite Index fell 6.4 percent, the biggest day of losses in a month. The slump in Shanghai, where markets have lost more than half their value since June, underscored a sense of caution over China ahead of Friday's G20 meeting there.

Pressure is on the G20 leaders to get the global economy back on track and to calm markets after one of the rockiest starts to a year on record.

The IMF called on Wednesday for those countries that still have money available to help boost growth and Chinese officials, speaking as G20 delegates started to arrive, moved to ease fears about another sharp drop in the yuan.

"We do recognize the risk the global economy faces," China's Deputy Finance Minister Zhu Guangyao said at a conference. "We also understand how important it is to correctly communicate with the market."

The U.S. Energy Department said Wednesday that crude stockpiles grew to more than 507 million barrels, an all-time high. U.S. crude fell 3 percent to $31.14. Brent crude dropped more 3 percent to $33.40.

"At the moment the markets just feel like a chicken with its head cut off," said Saxo Bank's head of FX strategy, John Hardy.

"Everything is swinging around on the daily moves on oil. There was a pretty remarkable comeback by Wall Street yesterday despite some weak data so it feels like it's a bit dodgy till we get past the G20 meeting."

Europe's FTSEurofirst 300, which had lost almost 4 percent since Tuesday, was up 1.8 percent as risk appetite returned.

Britain's sterling was slightly higher at $1.3941, taking a breath from a 5 percent fall since early this month on fears that a public vote on June 23 could see Britain become the first country to quit the 28-member European Union.

Dealers said there were also signs of downward pressure building on the euro ahead of next month's European Central Bank meeting which is expected to see the bank cut rates again. Euro zone long-term inflation expectations fell to record lows on Thursday.

The dollar struggled to make much headway, however, due to doubts over whether the Fed will raise rates at all this year. The euro edged up 0.2 percent to $1.1030.

Gold, meanwhile erased early losses and rose about 0.8 percent to $1,239 an ounce, within sight of a one-year high of $1,260.60 reached on Feb. 11. (Additional reporting by Marc Jones in London, Joshua Hunt in Tokyo; Editing by Bernadette Baum)

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Oil slips anew, stocks worldwide gain
Pumping units, also known as 'nodding donkey's' or pumping jacks, stand alongside storage tanks at an oil plant operated by Moravske Naftove Doly (MND) AS in Damborice, Czech Republic, on Friday, Jan. 8, 2016. Oil capped the biggest two-year loss on record in 2015 as the Organization of Petroleum Exporting Countries effectively abandoned output limits amid a global glut. Photographer: Martin Divisek/Bloomberg via Getty Images
Pumping units, also known as 'nodding donkey's' or pumping jacks, stand silhouetted against the sun at an oil plant operated by Moravske Naftove Doly (MND) AS in Damborice, Czech Republic, on Friday, Jan. 8, 2016. Oil capped the biggest two-year loss on record in 2015 as the Organization of Petroleum Exporting Countries effectively abandoned output limits amid a global glut. Photographer: Martin Divisek/Bloomberg via Getty Images
A Pumping unit, also known as a 'nodding donkey' or pumping jack, stands silhouetted against the sun at an oil plant operated by Moravske Naftove Doly (MND) AS in Damborice, Czech Republic, on Friday, Jan. 8, 2016. Oil capped the biggest two-year loss on record in 2015 as the Organization of Petroleum Exporting Countries effectively abandoned output limits amid a global glut. Photographer: Martin Divisek/Bloomberg via Getty Images
Pumping units, also known as 'nodding donkey's' or pumping jacks, stand silhouetted against the sun at an oil plant operated by Moravske Naftove Doly (MND) AS in Damborice, Czech Republic, on Friday, Jan. 8, 2016. Oil capped the biggest two-year loss on record in 2015 as the Organization of Petroleum Exporting Countries effectively abandoned output limits amid a global glut. Photographer: Martin Divisek/Bloomberg via Getty Images
A control wheel sits near a pumping unit, also known as a 'nodding donkey' or pumping jack, at an oil plant operated by Moravske Naftove Doly (MND) AS in Damborice, Czech Republic, on Friday, Jan. 8, 2016. Oil capped the biggest two-year loss on record in 2015 as the Organization of Petroleum Exporting Countries effectively abandoned output limits amid a global glut. Photographer: Martin Divisek/Bloomberg via Getty Images
An employee works on a pumping unit, also known as a 'nodding donkey' or pumping jack, at an oil plant operated by Moravske Naftove Doly (MND) AS in Damborice, Czech Republic, on Friday, Jan. 8, 2016. Oil capped the biggest two-year loss on record in 2015 as the Organization of Petroleum Exporting Countries effectively abandoned output limits amid a global glut. Photographer: Martin Divisek/Bloomberg via Getty Images
An employee uses a screw key to adjust a valve on a pumping unit, also known as a 'nodding donkey' or pumping jack, at an oil plant operated by Moravske Naftove Doly (MND) AS in Damborice, Czech Republic, on Friday, Jan. 8, 2016. Oil capped the biggest two-year loss on record in 2015 as the Organization of Petroleum Exporting Countries effectively abandoned output limits amid a global glut. Photographer: Martin Divisek/Bloomberg via Getty Images
An employee walks across snow in front of pumping units, also known as 'nodding donkey's' or pumping jacks, at an oil plant operated by Moravske Naftove Doly (MND) AS in Damborice, Czech Republic, on Friday, Jan. 8, 2016. Oil capped the biggest two-year loss on record in 2015 as the Organization of Petroleum Exporting Countries effectively abandoned output limits amid a global glut. Photographer: Martin Divisek/Bloomberg via Getty Images
An employee takes an oil sample in a jar near oil pumping machinery at an oil plant operated by Moravske Naftove Doly (MND) AS in Damborice, Czech Republic, on Friday, Jan. 8, 2016. Oil capped the biggest two-year loss on record in 2015 as the Organization of Petroleum Exporting Countries effectively abandoned output limits amid a global glut. Photographer: Martin Divisek/Bloomberg via Getty Images
An employee stands on a platform beside an oil storage tank at an oil plant operated by Moravske Naftove Doly (MND) AS in Damborice, Czech Republic, on Friday, Jan. 8, 2016. Oil capped the biggest two-year loss on record in 2015 as the Organization of Petroleum Exporting Countries effectively abandoned output limits amid a global glut. Photographer: Martin Divisek/Bloomberg via Getty Images
An employee carries a wrench as he walks between a storage tank and snow covered barrels, at an oil plant operated by Moravske Naftove Doly (MND) AS in Damborice, Czech Republic, on Friday, Jan. 8, 2016. Oil capped the biggest two-year loss on record in 2015 as the Organization of Petroleum Exporting Countries effectively abandoned output limits amid a global glut. Photographer: Martin Divisek/Bloomberg via Getty Images
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Markets

DJIA 20,624.05 4.28 0.02%
NASDAQ 5,838.58 23.68 0.41%
S&P 500 2,351.16 3.94 0.17%
DAX 11,827.62 70.60 0.60%
NIKKEI 225 19,251.08 16.46 0.09%
HANG SENG 24,146.08 112.34 0.47%
USD (per EUR) 1.06 0.00 -0.10%
USD (per CHF) 1.00 0.00 0.09%
JPY (per USD) 113.11 0.21 0.19%
GBP (per USD) 1.25 0.00 0.26%

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