By Claudia Assis SAN FRANCISCO (MarketWatch) -- Crude-oil futures pared gains on Wednesday after Iranian officials and Italy's foreign minister denied Iran had cut oil supplies to Europe, according to news reports. The March contract CL2H +0.73% was up 71 cents, or 0.7%, to $101.48 a barrel on the New York Mercantile Exchange. Dow Jones Newswires quoted Italy's Giulio Terzi as saying Italy's embassador in Tehran had said the report, by a state-controlled broadcaster, wasn't true. Reuters quoted a Iranian oil ministry spokesman also denying the report and adding any decisions would have to be announced by Iran's Supreme National Security Council. The report that Iran had cut off oil supplies to six European countries in retaliation to European Union sanctions had pushed oil futures to a five-week high.

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