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%, to $76.57 a barrel by 0453 GMT after rising by 0.5% earlier on Tuesday.
" contradictory statements from Republicans and lawmakers are keeping investors largely invested in the stand-off," said Priyanka Sachdeva, Market Analyst from Phillip Nova. "Investors have shifted their attention to the outcome of the OPEC+ meeting this weekend as there have been mixed messages from major oil producers," Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd, said.
In April, Saudi Arabia and other members of OPEC+ announced further oil output cuts of around 1.2 million barrels per day , bringing the total volume of cuts by OPEC+ to 3.66 million bpd, according to Reuters calculations.
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