TOKYO, May 30 Reuters Oil fell on Tuesday, giving up earlier gains, as concerns about the viability of the U.S. debt ceiling pact cooled the market39;s riskon sentiment and mixed messages from major producers clouded the supply outlook ahead of their meeting this weekend.
Brent crude futures fell 59 cents, or 0.8, to 76.48 a barrel by 0615 GMT after rising by 0.5 earlier on Tuesday.
U.S. West Texas Intermediate WTI crude dipped 42 cents to 72.25 a barrel, down 0.6 from Friday39;s close. There was no settlement on Monday because of a U.S. public holiday.
Some hardright Republican lawmakers said on Monday they might oppose a deal that would raise the debt ceiling in the U.S., the world39;s biggest oil user, while Democratic President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy remained optimistic the deal will pass.
Biden and McCarthy forged an agreement on the debt over the weekend and it must pass a divided U.S. Congress before June 5, the day the Treasury Department say the country will not be able to meet its financial obligations, which could disrupt financial markets.
The contradictory statements from Republicans and lawmakers are keeping investors largely invested in the standoff, said Priyanka Sachdeva, Market Analyst from Phillip Nova.
The debt deadline nearly coincides with the June 4 meeting of the Organization of the Petroleum Exporting Countries OPEC and allies including Russia, known as OPEC, and the uncertainty over…