By Surabhi Sahu Of DOW JONES NEWSWIRES SINGAPORE (Dow Jones)--Crude-oil futures fell in Asia Monday after downbeat economic data from the U.S. overweighed optimism on improving Greek prospects. On the New York Mercantile Exchange, light, sweet crude futures for delivery in April traded at $106.93 a barrel at 0744 GMT, down $0.13 in the Globex electronic session. May Brent crude on London's ICE Futures exchange fell $0.36 to $125.45 a barrel. Last week, the International Monetary Fund approved a EUR28 billion loan for Greece, restoring some confidence over the debt-beleaguered nation's prospects. Holders of credit-default swaps on Greek debt will likely be compensated in a meeting scheduled late Monday, trading executives said. These payments, expected to total around $2.5 billion against a total of $3.2 billion insured using the derivatives, will restore some balance to the markets, which is bullish for oil, they said. However, the mood was somewhat subdued by Friday's disappointing U.S. consumer sentiment survey, less-than-expected industrial production estimates for February, and data showing there was little inflationary pressure outside of soaring energy costs. Oil markets dropped temporarily last week on speculation that the U.S. and the U.K. were about to release strategic oil reserves to ease supplies. However, a recent denial by U.S. government officials and continued tensions between Iran and the West is underpinning Nymex crude, Phillip Futures commodities analyst Ker Chung Yang said. "We still see both crude benchmarks as well as the heating-oil market as entrenched within a sideways, choppy mode that could remain intact well into next month," Jim Ritterbusch at Ritterbusch & Associates said in a note, tipping strong resistance for the U.S. benchmark around $108 a barrel in the coming sessions. In the European Union, officials are debating on moderating a ban on European insurers dealing with Iranian oil shipments, after Asian oil importers lobbied for exemptions. "This decision will provide a further indication to buyers of Iranian oil as to how stringent sanctions will be allowed to become," J.P. Morgan said in a research note. A softening stance may weigh on crude prices. Nymex reformulated gasoline blendstock for April--the benchmark gasoline contract--fell 11 points to $3.3558 a gallon, while April heating oil traded at $3.2712, 107 points lower. ICE gasoil for April changed hands at $1038.50 a metric ton, up $2.75 from Friday's settlement. -By Surabhi Sahu, Dow Jones Newswires; +65 6415 4086; surabhi.sahu@dowjones.com

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