Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis.

Good afternoon. Today is Tuesday, June 4th I'm your host Kim Kahn. Our top story so far.

Watch out below on oil. Crude is trading at its lowest level since February

with W.T. I and Brent shedding another 1.5% in today's trading.

Goldman Sachs analysts said the OPEC Plus decision on Sunday was bearish for oil,

as the phasing out of voluntary cuts shows a strong desire by several members to restore production despite recent increases in global oil inventories.

The communication of a I. N.G. says preliminary OPEC production numbers for May are starting to be released,

noting the Bloomberg survey that shows that OPEC average 26.96 million barrels per day in May,

up 60,000 barrels per day month on month.

The numbers show that Iraqi and UAE output was a combined 458,000 barrels per day

above their target level.

There's still no signs of Iraq compensating

for its overproduction since the start of the year. The lack of compliance by

some members only reinforces the view that OPEC Plus could struggle to continue with full cuts into 2025 if needed.

Looking to the meme stocks, Morgan Stanley's E-Trade is considering booting GameStop Guru roaring Kitty

off the online brokerage platform due to a growing concern

over potential stock manipulation. That's according to the Wall Street Journal.

Over the weekend Roaring Kitty, whose real name is Keith Gill,

disclosed a screenshot of an e-trayed account. the weekend roaring kitty whose real name is Keith Gill

disclosed a screenshot of an e-Trade account that showed he owns GME stock

worth 115.7 million dollars and a set of options scheduled to expire

later this month.

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