Crude rallies as strategic petroleum reserve release underwhelms market

Crude oil futures surged in mid-morning Asian trade March 1 as the market shrugged off the release of strategic petroleum reserves against the threat of further sanctions on Russian energy markets. At 10:19 am Singapore time (0219 GMT), the May ICE Brent futures contract was up $4.92/b (4.69%) from the previous close at $109.89/b, while the April NYMEX light sweet…