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. “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 of energy futures also at Mizuho. Reflecting near-term supply concerns, front-month Brent futures traded near nine-month highs at $4.13 a barrel above prices in six months. The equivalent spread for U.S. WTI futures was as much as $4.88 a barrel, also near nine-month highs. WTI traded up $.85 to close at $87.54. Brent traded up $.56 to close at $90.60.