Chevron (CVX) (CAM) (MRO) (DVN) Crushed as Oil Corrects

A general correction in commodities prices as a result of the plunge in oil prices pressured the energy sector, with Chevron (NYSE:CVX), Cameron International (NYSE:CAM), Marathon Oil (NYSE:MRO) and Devon Energy (NYSE:DVN) all closing down Tuesday.

Crude oil prices for May delivery dropped as much as 63 cents, or 0.6 percent, to $105.62 a barrel in electronic trading on the New York Mercantile Exchange. The contract was at $106.01 at 10:14 a.m. Sydney time. Yesterday, it dropped $3.67 to $106.25. Prices fell 5.9 percent on April 11 and 12.

The U.S. increased its crude-oil price estimate for 2011 to an average $106.38 a barrel from $101.77 in March, according to the Energy Department’s Short-Term Energy Outlook.

Devon Energy closed Tuesday at $85.98, falling $3.26, or 3.65 percent. Marathon Oil closed at $50.18, down $1.59, or 3.07 percent. Cameron International closed at $52.85, dropping $0.69, or 1.29 percent. Chevron ended the session at $104.18, declining $3.60, or 3.34 percent.