LONDON—Oil fell by nearly 2 percent on Tuesday as concerns about the U.S. debt ceiling pact cooled the market’s risk-on sentiment and mixed messages from major producers clouded the supply outlook ahead of their meeting this weekend.
Brent crude futures fell $1.36, or 1.8 percent, to $75.71 a barrel by 0859 GMT. U.S. West Texas Intermediate (WTI) crude was down $1.19, or 1.6 percent, from Friday’s close, to $71.48 a barrel. There was no settlement on Monday because of a U.S. public holiday.
Some 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 would pass….