WTI Oil Prices Remain Steady Near $90 a Barrel

US crude futures are steady-to-slightly-lower, down a marginal 0.1% at $89.96 a barrel in a market that’s been consolidating over the past week right around the $90 mark. WTI crude prices surged by 9% to 10-month-highs during the first half of this month due to Saudi and Russia production cuts, but prices have stalled out since. “The market’s failure to take out resistance levels suggests the fear of higher yields and the dollar is a deterrent factor,” says Peter Cardillo at Spartan Capital in a note. “Yields are knocking on the very high levels of last week [and] are likely to move above last week’s high, as Fed members’ hawkish rhetoric seems to intensify.”