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...