Mega deal in oil patch can't offset rising oil stockpiles

April 8, 2015 3:50 PM

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Mega deal in oil patch can't offset rising oil stockpiles

The $70-billion mega-deal between Royal Dutch Shell and BG Group didn’t prop up energy shares for long, as a fresh report showing rising stockpiles of U.S. crude both oil and energy sent shares back down.

Wall Street was hoping that the big deal in the oil patch would propel prices higher in the battered sector. But an early rally has given way to selling and more losses after an Energy Information Administration report showed U.S. inventories grew more than expected last week.

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