Oil prices fell more than 4% on Tuesday amid concerns over whether the US Congress will pass a deal on the US debt ceiling and mixed messages from major oil producers on the outlook for supply ahead of next weekend’s OPEC+ meeting, Reuters reported, citing News . ro.

Brent crude futures fell $3.50, or 4.5%, to $73.57 a barrel.

U.S. West Texas Intermediate (WTI) crude was down $3.29, or 4.5%, at $69.38 a barrel since Friday’s close.

There were no transactions on Monday due to a public holiday in the USA.

Some far-right Republican lawmakers have said they may oppose a deal to raise debt in the United States, the world’s biggest oil consumer.

Democratic President Joe Biden and Republican House Speaker Kevin McCarthy remained optimistic that the deal would pass.

Over the weekend, Biden and McCarthy struck a deal that must be passed by a divided US Congress by June 5, the day the Treasury Department said the country would be unable to meet its financial obligations, which could roil markets.

“The big elephant in the room is the ongoing debt ceiling drama. Until we get the votes, the market will be tight,” said Phil Flynn, an analyst at Price Futures Group.

The House Rules Committee was scheduled to consider the 99-page bill on Tuesday before votes in the Republican-controlled House of Representatives and the Democratic-led Senate.

The deadline for raising the debt ceiling almost coincides with the June 4 meeting of OPEC+ – the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia. (News.ro)