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.

Biotech Select

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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