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. President Joe Biden is preparing to announce a release of oil from the nation’s Strategic Petroleum Reserve in concert with several other countries as soon as Tuesday, according to people familiar with the plan. The move, likely in conjunction with India, Japan and South Korea, would be an unprecedented effort by major oil consumers to tame surging energy prices. “The battle lines are being drawn,” […]