LONDON (Dow Jones)--Crude oil futures were slightly lower Thursday in Europe, partly due to weaker stock markets and cautious sentiment ahead of key U.S. oil and economic data. There was a possibility that "a few investors became nervous waiting" for the U.S. Department of Energy weekly oil inventories report due at 1600 GMT, said Glen Ward, head of retail derivatives at London Capital Group. The American Petroleum Institute Wednesday reported a build of 3.06 million barrels in crude stocks in the week ended Dec. 24, compared with a forecast of an average drop of 2.9 million barrels by 11 analysts surveyed by Dow Jones Newswires. Gasoline stocks fell 3.139 million barrels, while distillate stocks rose 1.383 million barrels, according to the API data. Traders will also closely watch U.S. jobless claims data, due at 1330 GMT. At 1130 GMT, the front-month February Brent contract on London's ICE futures exchange was down 10 cents at $94.04 a barrel. The front-month February light, sweet crude contract on the New York Mercantile Exchange was trading 24 cents lower at $90.88 a barrel. The ICE's gasoil contract for January delivery was flat at $780.00 a metric ton, while Nymex gasoline for January delivery was up 1.74 cents at $2.4078 a gallon. Despite fragile global economic recovery, benchmark crude futures in New York and London have risen around 15% and 20% respectively this year, thanks to improving oil demand. Looking ahead, crude futures look set to gain more ground next year. "Apart from commodities' role as safe asset, oil demand in non-OECD Asia is set to grow by more than 800,000 [barrels a day] next year," said Vienna-based consultancy JBC Energy. However, total non-Organization Petroleum Exporting Countries and OPEC natural gas liquids production is expected to grow by around 900,000 barrels a day, "making it very difficult for OECD forward demand cover to fall back to the pre-crisis level of 55 days", it said. "As long as OPEC's focus on inventory levels doesn't shift to prices in adjusting their production policy, the upward pressure on prices will hardly cease." -By Sherry Su, Dow Jones Newswires; +44(0)20-7842-9329; sherry.su@dowjones.com

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