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(Bloomberg) -- Oil dipped ahead of an expected announcement by the U.S. on a coordinated release of reserves, with OPEC+ warning that it may not restore as much crude to the global market if consumers go ahead with the move. Futures in New York slipped toward $76 a barrel after rising 0.
Oil climbed by the most in two weeks as a landmark plan from consumer countries to tap their strategic oil reserves was less severe than markets expected.
Investors shrugged because the total volume to be released had been seen as largely priced in, and much of the supply is set to be returned at a later date.
Americans are already dealing with sticker shock at the grocery store and when filling up at the pump. Next up: Home heating bills.
Turning up the heat this winter could lead to a spike in natural gas prices and potentially lower supplies, reports CNN's Matt Egan. Prices are already up 130% this year.