FUNDAMENTALS
* NYMEX crude for May delivery was up 15 cents at $105.56 a barrel by 0000 GMT, after settling $1.92 lower at $105.41 on Wednesday.
Even with Wednesday's losses, NYMEX was on pace to post a more than 6 percent rise for the first quarter, with Brent crude up 15 percent, as rising tensions between Iran and the West over Tehran's nuclear program have kept oil prices elevated this year.
* London Brent crude for May delivery was up 7 cents at $124.23, after settling down $1.38 at $124.16.
* Wednesday's losses came after U.S. Energy Information Administration data showed U.S. crude stocks rose by 7.1 million barrels last week, more than forecast.
Gasoline inventories declined by a more-than-expected 3.54 million barrels and distillate stocks fell 700,000 barrels.
* Crude also came under pressure after a report that France is in contact with Britain and the United States on a possible release of strategic oil stocks.
A release of strategic oil stocks "is a matter of weeks", French newspaper Le Monde daily said.
* Goldman Sachs said it was shifting its recommendation on commodities to "neutral" from "overweight" on a near-term horizon, as most commodity markets including copper, crude oil and soybeans have reached the brokerage's near-term targets.
* Saudi Oil Minister Ali al-Naimi blasted "irrationally" high oil prices in an opinion piece in the Financial Times, but offered no sign that the kingdom was moving to boost output.
With Iran's oil exports facing the threat of tightening sanctions, Saudi Arabia is expected to have a record 140 oil and gas rigs operating by the end of the year, industry sources said.
MARKETS NEWS
* U.S. stocks declined on Wednesday as sliding oil and metals prices gave investors a reason to sell commodity-related shares.
The Dow Jones industrial average fell 71.52 points, or 0.54 percent, to 13,126.21 at the close. The Standard & Poor's 500 Index slipped 6.98 points, or 0.49 percent, to 1,405.54.
* The yen held on to gains early in Asia on Thursday but could see renewed pressure as flows linked to Japan's financial year-end look to have peaked.
DATA/EVENTS
* The following data is expected on Thursday: (Time in GMT)
- 2350 Japan retail sales/Feb
- 0900 Euro Zone Business climate/Mar
- 1230 US Final GDP/Q4
- 1230 US Jobless claims/weekly
- 1430 US EIA underground natural gas stocks/weekly
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