Oil declined ahead of an expected announcement by the U.S. and other major consumers on a release of emergency reserves in a bid to tame high fuel prices and rampant inflation. Futures in New York fell below $76 a barrel after rising 0.9% on Monday. India is said to be planning a 5-million barrel release from its stockpiles, with an official announcement due on Tuesday. The U.S. could also announce a release today and President Biden is set to deliver remarks on lowering prices for U.S consumers later.