Oil prices retreated from their highest levels in more than a month on Monday as investors took profits after several days of sharp gains and oil markets remained over-supplied despite talk of stronger demand next year. According to CNBC
Oil has been on a roller-coaster ride over the last few weeks, recovering from six-year lows. North Sea Brent crude dropped to almost $42 a barrel in August, from a peak above $115 in June 2014, but then rallied back to an intraday high of $54.05 on Friday.
The recent rise has left room for profit-taking, said Carsten Fritsch, senior oil analyst at Germanys Commerzbank. Sizeable net long positions have made the market vulnerable to a sell-off. CNBC Report
During Friday’s Afternoon trade, Shares of Chesapeake Energy Corporation (NYSE:CHK), dropped -6.93% to $8.25. The firm opened its current trade at $8.87, and as of now, it is trading at $8.25. The total volume traded for the day is 7.91M shares, as compared to its average daily volume of 19.18M shares. The stock is floating in a range of $8.14 $8.87. The stock holda the market capitalization of $5.89B.
Chesapeake Energy Corporation produces oil and natural gas through acquisition, exploration, and development of from underground reservoirs in the United States. It holds interests in natural gas resource plays, counting the Haynesville/Bossier Shales in northwestern Louisiana and East Texas; the Marcellus Shale in the northern Appalachian Basin of West Virginia and Pennsylvania; and the Barnett Shale in the Fort Worth Basin of north-central Texas.
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