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US STOCKS-Wall St pares some early losses as oil prices rally

* Inflation to likely rebound - Fed's Fischer

* Oil prices jump more than 5 pct

* Energy index on track for best 4-day gain in 7 years

* Phillips 66 (NYSE: PSX - news) up after Buffett discloses stake

* Indexes down: Dow 0.28 pct, S&P 0.34 pct, Nasdaq 0.21 pct (Updates to early afternoon)

Aug 31 (Reuters) - Wall Street pared some of their early losses in afternoon trading on Monday as energy stocks gained after oil prices rallied sharply.

Crude prices jumped after data indicated surprise cuts to U.S (Other OTC: UBGXF - news) . oil production and as OPEC said it was ready to talk to other producers about the recent drop in prices.

The S&P energy index reversed course and was up 1.05 percent - on track for its best four-day gain in seven years - boosted by ConocoPhillips (NYSE: COP - news) , Schlumberger (Hanover: SCL.HA - news) and Phillips 66.

Still, Wall Street was poised for its worst monthly drop in more than three years on worries about the health of China's economy and the timing of a U.S. interest rate hike.

All three major indexes slipped more than 1 percent early on Monday after weekend comments from Federal Reserve Vice Chairman Stanley Fischer appeared to keep the door open for a rate hike in September.

The No. 2 Fed official...


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