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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...

White House rebuts reports of Iran oil dealFed expected to keep interest rates on hold in JuneU.S. crude stocks fall, gasoline inventories riseJune 8 (Reuters) - Oil prices settled lower on Thursday but rebounded from earlier losses after the U.S. and Iran both denied a report that they were close to a nuclear deal.Oil fell by more than $3 on the report that the U.S. would give Iran sanctions relief to export oil in return for Tehran reducing uranium enrichment.A spokesperson for the White House National Security Council called the...

LONDON, May 30 (Reuters) - Portfolio investors became slightly less bearish last week as the next policy-setting meeting of OPEC⁺ ministers neared and inventories of refined fuels remained well below the long-term seasonal average.Hedge funds and other money managers purchased the equivalent of 43 million barrels in the six most important petroleum futures and options contracts over the seven days ending on May 23.Net purchases were the first in five weeks, after funds sold the equivalent of 249 million barrels between April 18 and May 16, according to data from...