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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



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


, like Chevron a component of the

Dow Jones Industrial Average

, was losing 1.9% to $68.53.



was off 0.6% at $440.15.

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, lower by 2.1% at $20.55, and

Marathon Oil


, 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


, which added 2.2% to $34.18.






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. Ratings, recently cited for Best Stock Selection from October 2007 through February 2009 , is an independent research provider that combines fundamental and technical analysis to offer investors tremendous value in volatile times. To see how your portfolio can use this research, click here now!