Devon Energy (DVN) (XCO) (ECA) (SLB) Close Down as Oil, Gas Prices Fall

With anticipation the demand for crude oil and gasoline will drop because of high prices, Devon Energy (NYSE:DVN), Exco Resources Inc. (NYSE:XCO), Encana Corp. (NYSE:ECA) and Schlumberger (NYSE:SLB) all closed down Monday, as the overall sector was under pressure.

Crude-oil futures dropped Monday as investors were worried about the possibility for slowing demand for oil after debt-ratings company Standard & Poor’s slashed its outlook on the U.S. government’s credit rating which resulted in a move away from stocks and growth-leveraged commodities.

Benchmark light, sweet crude for May delivery fell $2.54, or 2.3%, to $107.12 a barrel on the New York Mercantile Exchange. That ended a three-day winning streak for oil.

Gasoline for May delivery on Monday was down 4 cents, or 1.1%, to $3.25 a gallon.

May heating oil fell 4 cents, or 1.3%, to $3.18 a gallon.

May natural gas was lower by 7 cents, or 1.6%, to $4.14 per million British thermal units.

Schlumberger closed Monday at $84.75, down $1.91, or 2.20 percent. Encana Corp. ended the day at $32.51, falling $0.44, or 1.34 percent. Exco Resources Inc. closed at $20.37, dropping $0.29, or 1.40 percent. Devon Energy closed at $86.19, losing $1.63, or 1.86 percent.