OIL FUTURES: US SPR release, OPEC+ output hike send crude sharply lower

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Crude oil futures settled sharply lower March 31 after the White House announced it will release up to one-third of the nation’s Strategic Petroleum Reserve over the next six months in a bid to combat high energy prices. NYMEX May WTI settled down $7.54 at $100.28/b and ICE May Brent declined $5.54 to $107.91/b. The Biden administration will release an…