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FILE PHOTO-European Union flags flutter outside the EU Commission headquarters, in Brussels, Belgium, February 1, 2023 REUTERS/Yves Herman/File Photo Acquire Licensing RightsLONDON, Sept 13 (Reuters) - The European Commission said on Wednesday that financial institutions are not backing the EU's new deforestation law, which has faced a backlash from producing countries concerned it will create unfair trade barriers.The landmark law requires importers of commodities like coffee, cocoa, beef, soy, rubber and palm oil to produce a due diligence statement proving their goods are not contributing to the destruction of forests,...

NEW YORK, Sept 6 (Reuters) - Oil prices settled higher on Wednesday, reversing early declines as traders anticipated further draws on U.S. crude oil inventory following extended production cuts in Saudi Arabia and Russia.Brent crude futures settled up 56 cents to $90.60 a barrel while U.S. West Texas Intermediate crude (WTI) futures settled up 85 cents to $87.54. Both benchmarks rose by $1 and then pared gains."We have pretty low crude supplies in the U.S., with several weeks of big crude oil draws pushing prices up," said Bob Yawger, director...

A PT Pertamina worker walks near crude oil tanks on Bunyu island, Indonesia's East Kalimantan province February 8, 2011. REUTERS/Beawiharta Acquire Licensing RightsLONDON, Aug 29 (Reuters) - Crude oil prices have stalled as the wave of hedge fund buying that helped lift them throughout July and the first part of August has been replaced by gentle selling.Hedge funds and other money managers sold the equivalent of 30 million barrels in the six most important petroleum futures and options contracts over the seven days ending on Aug. 22.Nearly all the sales...