LONDON, April 12 (Reuters) – Oil traders have become much more optimistic about crude oil availability over the last month, taking some of the heat off oil prices in the wake of the Russian invasion of Ukraine.

On the consumption side, China’s fuel consumption has stalled as more areas have been placed under lockdown to control the coronavirus outbreak, and there have been early signs of a cyclical downturn in the United States and Europe.

On the production side, Russia’s oil exports have settled at a…