Oil rose as investors cautiously assessed the outlook for a de-escalation of Russia’s war in Ukraine and any potential impact on crude output. Futures in New York climbed near $107 a barrel after losing more than 8% over the prior two sessions. The war is already taking its toll on Russian production, which fell below 11 million barrels a day in the second half of March, while deliveries to refineries slid about 11%. Supply is starting to show a “significant decline relative to the beginning of the month,” consultant OilX said in a note. While Russia has offered to “fundamentally cut back” its military operations in northern Ukraine, a person close to the Kremlin said that doesn’t mean a cease-fire or a complete withdrawal of troops from around Kyiv. The U.S. also cautioned about declaring progress. The war has triggered huge price moves in the oil market, spurring massive […]