Oil prices climbed on Thursday, paring some of their steep losses in the previous session, as the potential for an energy standoff between European nations and Russia overshadowed fears of recession and rising inflation.Brent crude futures LCoc1 rose by 25 cents or 0.3% to $88.25 per barrel by 0033 GMT after closing at their lowest since early February in the previous session. U.S. crude futures CLc1 were up 40 cents…
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