Sector Wrap: Oil and gas shares slide

Light, sweet crude for August delivery fell $4.14 to settle at $134.60 on the Nymex--a dramatic change from last week, when prices climbed above $147 per barrel.

Natural gas prices fell 7.9 cents to settle at $11.398 per 1,000 cubic feet on the Nymex.

Meanwhile, the Department of Energy's Energy Information Administration said U.S. crude oil supplies jumped by 3 million barrels, or 1 percent, last week. Analysts surveyed by energy research firm Platts had expected a draw of 3 million barrels. Furthermore, gasoline supplies increased unexpectedly.

In other news, a report from the Labor Department showed consumer prices jumped 1.1 percent last month, as high energy prices accounted for two-thirds of the jump.

In afternoon trading, shares of Chesapeake Energy Corp. fell $3.02, or 5.1 percent, to $56.47, and shares of Devon Energy Corp. lost $5.52, or 5.2 percent, to $100.67.

Shares of Exxon Mobil Corp. slipped $1.64, or 2 percent, to $80.54, and shares of Anadarko Petroleum Corp. lost $2.78, or 5.2 percent, to $64.57.

Shares of Tesoro Corp. gained 72 cents, or 4.5 percent, to $16.83, and shares of Sunoco Inc. added 78 cents, or 2.3 percent, to $34.61.