Oil prices were stable early on Thursday after hitting fresh 2003 lows in its previous session. The front-month West Texas Intermediate crude futures was trading at $28.66 per barrel at 0155 GMT, up 31 cents from its previous close, while International benchmark Brent was up 37 cents at $28.25. 

MSCI's broadest index of Asia-Pacific shares outside Japan extended early gains and was up 1.4 percent while Taiwan stocks edged down 0.5 pct at 7,664.01 points. Australia's S&P/ASX 200 Index edged up 0.45 pct at 4,863.20 points.

But, Asian equities trim gains as the demand for safe-havens returns as risk-sentiment appears to worsen as oil turns lower once again. Both crude benchmarks reversed their initial rebound, US oil modestly flat just ahead of $ 28, while Brent gives up $ 28 barrier.

Bearish bias seen in China's stocks weighs on the persisting risk-on moods. PBOC earlier today injected 290 bn yuan through 28 day reverse repos and injects 110 bn yuan through 7-day reverse repos, quantities that are much greater than usual.