(Corrects date para 10)
* Analysts scramble to cut oil price forecasts
* Standard Chartered (L:STAN) says oil could drop to $10/barrel
* Traders take record short positions
By Simon Falush
LONDON, Jan 12 (Reuters) - Crude oil steadied at around $32 per barrel on Tuesday, recovering slightly as investors booked profits after it fell to a near 12-year low on concerns about oversupply and fragile demand from China.
Analysts at Barclays (L:BARC), Macquarie, Bank of America Merrill Lynch (N:BAC), Standard Chartered and Societe Generale (PA:SOGN) all cut their 2016 oil forecasts this week, with Standard Chartered saying oil could fall as low as $10 per barrel. has been dragged lower by a glut, China's weakening economy and stock market turmoil, as well as the strong dollar, which makes it more expensive for those using other currencies to buy oil.
Benchmark Brent crude LCOc1 fell to a low of $30.43 per barrel, a level last seen in April 2004, before recovering to $32.05, up 50 cents, by 1427 GMT.
Analysts said the bounce was likely to be short lived as investors booked profits.
"Oil prices have bounced just over $30 per barrel, in a weak fashion that brings dead cats to mind," Seth Kleinman, head of energy research at Citigroup (N:C) said.
U.S. crude West Texas Intermediate (WTI) CLc1 fell to a low of $30.41 per barrel, a level last seen in December 2003, before recovering to $31.77, up 38 cents.
The overall tenor of the market remained bearish, analysts said.
Trading data showed that managed short positions in WTI crude contracts, which would profit from a further fall in prices, are at a record high, indicating that many traders expect further falls. slowing economy has also weighed on oil, which has shed more than 70 percent of its value since mid-2014.
And while demand looks fragile, supply from key producers remains robust.
Iraq, second-biggest producer within the Organization of the Petroleum Exporting Countries (OPEC), plans to export a record of around 3.63 million barrels per day from its southern oil terminals in February, said trade sources citing a preliminary loading programme. industry news, Nigeria's oil minister said a "couple" of OPEC members had requested an emergency meeting, adding that current market conditions support the need to hold such a gathering. major BP BP.L announced plans to cut at least 4,000 jobs in the face of oil's sustained declines. GRAPHIC on short positions vs WTI crude prices
http://reut.rs/1ZVvTaY GRAPHIC on U.S. dollar rise/oil price drop
http://tmsnrt.rs/1ZXwlWn GRAPHIC on WTI, Brent put options prices
http://tmsnrt.rs/1ZXBJsu
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