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Chevron (CVX) Stock Falls as Crude Prices Decline

NEW YORK (TheStreet) -- Shares of Chevron (CVX - Get Report) are down 2.28% to $89.16 in afternoon trading on Monday as falling crude prices take their toll on the oil sector today.

Crude prices are falling as oversupply concerns continue to depress the market. There are concerns that the oversupply could be exacerbated by warm weather and the waning maintenance cycle for U.S. refineries, according to CNBC.

Meanwhile, International Energy Agency executive director Fatih Birol told Singapore International Energy Week attendees that oil investments are likely to decline further in 2016, continuing the 20% decline it experienced this year.

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Brent crude for December delivery is down 0.4% to $47.80 per barrel while West Texas crude for December delivery is down 0.96% to $44.17 per barrel.

Separately, TheStreet has...