Oil prices were lower today but managed to rebound from earlier losses after a report was released claiming that the US and Iran were close to reaching a new nuclear agreement. A spokesperson for the White House National Security Council later called the report “false and misleading”. “If there’s no Iran deal then we’re back where we were before, focused more on fuel demand,” said John Kilduff, partner at Again Capital LLC in New York. Oil prices could get a lift if the U.S. Federal Reserve skips a rate hike at its next meeting on June 13-14, said Tamas Varga from PVM brokerage. Economists polled by Reuters expect no hike at the meeting. WTI traded down $1.24 or -1.7% to close at $71.29. Brent traded down $0.99 or -1.3% to close at $75.96.