"If [OPEC] don't do anything, we could really see prices sell off, we've seen them selling off this week," said Kpler's lead oil analyst Matt Smith.citing sources from the alliance."Oil prices fell sharply in May, with the WTI benchmark dropping below USD70/b," HSBC wrote in a report dated June 1. The bank noted that the decline came despite the previously announced OPEC+ production cuts coming into effect during the month.
Aside from the uncertainty that had been swirling around the U.S. debt ceiling standoff, China's subdued growth indicators also weighed on prices, the report noted.CNBC Pro: This stock is a ‘key beneficiary’ of Nvidia’s A.I. opportunity, says Morgan Stanley Global artificial intelligence revenue will reach $180 billion this year and grow to nearly $2 trillion by 2030 — and it will be a key driver of semiconductor revenue, Morgan Stanley says.shares surged last week after it reported earnings that blew past expectations.