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Chesapeake Energy (CHK) Stock Retreats on Lower Oil Prices

NEW YORK (TheStreet) -- Shares of Chesapeake Energy (CHK) were slumping 5.31% to $6.32 in early-afternoon trading on Monday as oil prices declined.

Crude oil (WTI) was down 2.12% to $49.77 per barrel while Brent crude was lower by 2.11% to $50.69 per barrel this afternoon.

Oil prices were retreating today as Iraq said it wouldn't sign onto an OPEC deal to cut production.

But losses were limited as Iran said it would encourage other OPEC members to join an output freeze, noting that $55 to $60 a barrel was a fair...