OPEC said Thursday that the oil market was "well supplied", and downgraded its global demand forecast.
Brent crude dropped 3% on the news, sending oil stocks such as ExxonMobil and Chevron Corporation down more than 3%.
Oil prices have rallied this year as market watchers expect that US sanctions on Iran, OPEC’s third-largest oil producer, will reduce oil supplies.
Watch ExxonMobil and Chevron Corporation trade in real time.
Oil stocks took a beating Thursday after OPEC said its production...
Trump accuses 'OPEC monopoly' of pushing oil prices higher and says 'they must get oil prices down now!'
President Donald Trump tweeted Thursday that oil prices were too high, and he called for the OPEC cartel of oil producers to "get prices down!"
Trump seemed to threaten the withdrawal of US military resources from the Middle East if OPEC members in the region didn't work to lower prices.
He has consistently complained that oil prices are too high.
The price of oil dropped following the tweet. You can follow its price live at Markets Insider.
President Donald Trump on Thursday once again tweeted...
Qatar's energy minister has defended OPEC's oil market strategy, saying a deal between the oil producing group and non-OPEC producers is not aimed at manipulating oil prices.