Oil prices drop amid US debt deal and OPEC+ talks uncertainty.

Oil prices dropped by 3% due to concerns over the US debt ceiling pact and mixed messages from major producers ahead of the OPEC+ meeting this weekend. The uncertainty over whether OPEC+ will increase their output cuts amid a recent slump in prices is also weighing on the market. The debt deadline nearly coincides with the June 4 meeting of OPEC+. Chinese manufacturing and service sector data out later this week will also be scrutinized for cues on the fuel demand recovery in the world's top oil importer.