Oil futures settle higher, but U.S. prices hold below the $90 mark

Oil futures climbed on Wednesday, but U.S. benchmark prices settled below their highest levels of the session. The resumption of indirect talks between the U.S. and Iran likely "contributed to the recent weakness in prices," but the countries remain "a long way short of any sort of agreement that might bring about new supply," said Michael Hewson, chief market analyst at CMC Markets UK. This may "constrain any dips" in oil prices, along with declines in U.S. crude inventories," he said. West Texas Intermediate crude for March delivery rose 30 cents, or 0.3%, to settle at $89.66 a barrel on the New York Mercantile Exchange after trading as high as $90.58. Prices fell 2.2% on Tuesday.

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