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Chevron Drops as Outlook Disappoints

The majority of energy stocks were falling Monday, led by a downturn in Chevron.

The majority of energy stocks were falling Monday, led by a downturn in

Chevron

(CVX)

that followed the oil company's downcast comments about its

expected sequential decrease in profits

.

Recently, Chevron was the weakest of the integrated oils, dropping 2.3% to $67.62.

Exxon Mobil

(XOM)

, like Chevron a component of the

Dow Jones Industrial Average

, was losing 1.9% to $68.53.

ConocoPhillips

(COP)

was off 0.6% at $440.15.

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Valero

(VLO)

, lower by 2.1% at $20.55, and

Marathon Oil

(MRO)

, down 1.3% at $28.90, were also among the notable decliners.

A few names in the sector did manage to climb, including

National Oilwell Varco

(NOV)

, which added 2.2% to $34.18.

Apache

(APA)

and

Anadarko

(APC)

were each gaining more than 1%.

Meanwhile, crude oil prices were dropping after the International Energy Agency lowered its forecast for worldwide demand in 2009. The agency cut its outlook by 1 million barrels to 83.4 million barrels a day. That would be about 2.4 million barrels below last year.

Futures were lately down 94 cents at $51.30 a barrel, but earlier had fallen to $48.84 in New York.

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