Market report 31/3/2022: Have oil prices peaked?Source: Google ImagesToday, oil prices dropped on news that US President Joe Biden is considering the release of 180 million barrels from the US's strategic petroleum reserve (SPR) following a spike in prices over the recent months. Over the past few months, oil prices soared to a high of over $130 per barrel following Russia's invasion of Ukraine and the unprecedented amount of punitive international sanctions on the world's second-largest oil exporter.Multiple news outlets reported that the plan to cool soaring crude prices will involve the release of around 1 million barrels of oil per day for several months. This comes after OPEC+'s decision to modestly increase its output targets by 432,000 barrels per day from May 1. According