Signs of a surplus are proliferating in global oil markets. Photo by Patrick Gibson/Cochrane Times

Oil climbed in choppy trading as the market weighed geopolitical tensions against a price cut on Saudi Arabia ’s main grade of crude to Asia.

West Texas Intermediate rose as much as 1.6 per cent. Ukrainian negotiators will have a new round of talks in Florida as Russian President Vladimir Putin said some points in a U.S.-backed peace plan to end Moscow’s war were unacceptable to him. That means a lifting of sanctions on Russian oil is still elusive, offering support to prices.

Lending further support, Putin emphasized that his country’s energy cooperation with India “remains unaffected.” He added that a Russian oil company has been “continuously expanding operations” of an Indian re

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