Oil slides 4% on worries about US debt ceiling, OPEC+ discussions
NEW YORK (Reuters) – Oil prices fell more than 4% on Tuesday on concerns about whether the U.S. Congress will pass the U.S. debt ceiling pact and as mixed messages from major producers clouded the supply outlook ahead of the OPEC+ meeting this weekend.
Brent crude futures dropped $3.50, or 4.5%, to $73.57 a barrel by 12:51 p.m. EDT (1651 GMT). U.S. West Texas Intermediate (WTI) crude was down $3.29, or 4.5%, from Friday’s close, to $69.38 a barrel. There was no settlement on Monday because of a U.S. public holiday.
Some hard-right Republican lawmakers said they might oppose a deal to raise the debt ceiling in the United States, the world’s biggest oil user.
