But analysts said OPEC sphere of influence was limited.
"The truth is the decision today is not nearly as important as three other events that will occur over the next few weeks," said Jason Schenker of Prestige Economics. He listed Sunday's election in Greece, which could decide whether the country stays in the eurozone; a meeting of the U.S. Federal Reserve in Tuesday; and the July 1st implementation of an EU embargo on Iranian oil as much more significant in determining where crude is headed.
That embargo, combined with a U.S. push for a global ban on imports of Iranian crude, figured prominently on the sidelines of the closed meeting.
