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Oil falls, pares losses on White House rebuttal of Iran deal report

(Reuters) -Oil prices pared some losses after falling by more than $3 a barrel on Thursday after the White House called a news report that the U.S. and Iran may be approaching a deal on oil exports false. Oil fell sharply on the report, which cited two unnamed sources as saying that Iran and the U.S. are nearing a temporary deal that would trade some sanctions relief in exchange for reducing Iran's uranium enrichment. But trade reversed on skepticism that oil sanctions would be lifted quickly and after the White House said the report was false.