TOKYO : Oil fell on Tuesday, giving up earlier gains, as concerns about the viability of the U.S. debt ceiling pact cooled the market's risk-on sentiment and mixed messages from major producers have clouded the supply outlook ahead of their meeting this weekend.Brent crude futures fell 50 cents, or 0.7 pe
TOKYO : Oil fell on Tuesday, giving up earlier gains, as concerns about the viability of the U.S. debt ceiling pact cooled the market's risk-on sentiment and mixed messages from major producers have clouded the supply outlook ahead of their meeting this weekend.
Some hard-right Republican lawmakers said on Monday they might oppose a deal that would raise the debt ceiling in the U.S., the world's biggest oil user, while Democratic President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy remained optimistic the deal will pass. The debt deadline nearly coincides with the June 4 meeting of the Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, and the uncertainty over whether they will increase their output cuts amid a recent slump in prices is also weighing on the market.
However, comments from Russian oil officials and sources, including Deputy Prime Minister Alexander Novak, indicate the world's third-largest oil producer is leaning toward leaving output unchanged.
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