Oil prices tumbled Tuesday as worries about demand for the commodity accelerated.
Two of nine Republicans on the House Rules Committee have signaled opposition to the debt ceiling deal.
US and international oil prices each dropped to their lowest prices since May 5.
The Fiscal Responsibility Act, if passed, would limit US baseline spending for two years and raise the debt ceiling into 2025.
"Oil prices remain stuck while awaiting the response from Congress on the debt ceiling deal," Saxo Bank strategists said in a note early Tuesday.
Persons:
—, Brent, Price, Kevin McCarthy
Organizations:
West Texas, Service, Republican, White House, Caucus, Politico, CNBC, Saxo Bank, Treasury Department
Locations:
Saudi, Brent