Oil Rises as OPEC+ May Adjust Supply in Wake of Reserves Release
- Biden may announce a crude reserve release as soon as Tuesday
- OPEC+ signals it may re-evaluate plans for reviving output
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Oil advanced amid speculation that OPEC and its allies may not add as much supply to the market as previously planned if the U.S. releases crude reserves in coordination with other nations.
Futures closed up 1.1% in New York on Monday. The OPEC+ group of producers may adjust plans to raise crude production if consuming countries go through with a coordinated release. Delegates said that even the modest output increase they have penciled in may now be re-evaluated when the group meets next week.