Oil fluctuated as investors weighed threats to supplies from the month-old war in Ukraine, with President Joe Biden set to address the crisis on a key trip to Europe that may see more sanctions imposed on Russia. Global benchmark Brent swung between gains and losses near $121 a barrel. The White House and European Union are close to a deal aimed at slashing the region’s dependence on Russian energy, although that may focus primarily on flows of natural gas. Oil rose more than 5% on Wednesday after U.S. stockpiles fell and a Black Sea export terminal halted loadings following bad weather. Although many buyers are shunning Russian crude, especially former European purchasers, Asian users may be stepping in to take barrels at discounted rates. China’s oil refiners are discreetly purchasing cheap Russian crude, traders say, and India processors have also scooped up some of the volumes. Oil has rallied […]