Energy stocks get whacked after OPEC says oil is 'well supplied' (CVX, XOM) -

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...

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