By Eric Yep Crude-oil futures were choppy in Asian trade Thursday as investors weighed bearish oil stocks numbers and oil demand forecasts against some positive economic data from the U.S. On the New York Mercantile Exchange, light, sweet crude futures for delivery in April traded at $92.47 a barrel at 0656 GMT, down $0.05 in the Globex electronic session. April Brent crude on London's ICE Futures exchange rose $0.08 to $108.60 a barrel. Nymex crude oil for April delivery settled lower in floor trade Wednesday snapping a four-day rally, while Brent crude for April delivery lost $1.13 a barrel after data showed a larger-than-expected rise in U.S. crude inventories and the International Energy Agency cut its forecast for global oil demand. However, U.S. retail sales in February exceeded economist forecasts, indicating some improvement in the economy. "Note that the encouraging sign from U.S. retail sales data is just another positive for the economy, on the back of the string of better-than-expected data that we have gathered in recent weeks," Singapore-based OCBC Bank said in a note. Brent crude is down around 8% from the mid-February high of $118/bbl, and the spread between April Brent and Nymex crude oil is around $16 a barrel, down from $21 a barrel a few weeks ago. "[W]e expect that the recent easing in Brent prices will be short-lived," ANZ Bank said in a note. "A seasonal pick-up in oil demand in the second quarter should be the catalyst for a rebound," it added. In Asia, revised government figures Thursday showed Japanese industrial output in January was worse than originally reported, indicating slower recovery in the world's third-largest economy and one of largest importers of oil. AFP reported that the U.S. will renew exemptions for Japan and some European Union countries from sanctions related to oil imports from Iran. The countries have "continued to significantly reduce the volume of their crude oil purchases from Iran," the report said, a statement from U.S. Secretary of State John Kerry. Markets are also watching the European Union summit in Brussels today and Friday, which is taking place soon after a downgrade of Italy's sovereign rating and concerns about growth in the euro-zone. Nymex reformulated gasoline blendstock for April--the benchmark gasoline contract--fell 195 points to $3.1228 a gallon, while April heating oil traded at $2.9232, 10 points lower. ICE gasoil for April changed hands at $912.25 a metric ton, down $0.25 from Wednesday's settlement.

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