Shares of energy producers fell alongside oil futures after a surprise buildup in U.S. oil supplies.
Crude-oil stockpiles rose by 1.9 million barrels to 459 million barrels and are still in the upper half of the average range for this time of year, the EIA said, contrary to analysts' predictions of a retreat in stockpiles.
Continue Reading Below
The rally in oil prices left futures "extremely overbought with a record amount of hedge fund and large speculators long," making the market ripe for a selloff, said Phil Flynn, senior market analyst at Price Futures Group, in a note ot clients.
Independent driller SandRidge Energy reached a deal to buy Bonanza Creek Energy for $746 million in cash and stock.
Rob Curran, email@example.com
(END) Dow Jones Newswires
November 15, 2017 16:57 ET (21:57 GMT)