- downgraded its
- global demand forecast.
- ending oil stocks such as
- 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.
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Energy stocks get whacked after OPEC says oil is 'well supplied' (CVX, XOM)
OPEC said Thursday it see oil "well supplied" and downgraded its global demand forecast. Brent crude dropped 3% on the news. Brent crude dropped 3% on the news, sending oil stocks such as ExxonMobil and Chevron Corporation down more than 3%.
Oil prices have
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