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Apache (APA) Stock Down on Oil Price Decline

NEW YORK (TheStreet) -- Shares of Apache Corp. (APA - Get Report) are declining by 2.17% to $48.79 in early afternoon trading on Wednesday, as the energy sector takes a hit from today's decline in oil prices.

Higher U.S. crude stockpiles, a strong dollar and falling gas prices are all weighing on the price of the commodity.

Apache is an independent energy company that explores for, develops, and produces natural gas, crude oil, and natural gas liquids.

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Crude inventories in the U.S. gained for a sixth consecutive week last week by 2.85 million barrels, according to data from the Energy Information Administration.

"Oil inventories have built by a fairly chunky amount despite refinery utilization increasing, and imports dropping," ClipperData director of commodity research told Reuters.

Crude oil (WTI) is down by 3.11% to $46.41 per barrel this afternoon and Brent crude is lower by 3.54% to $48.75 per barrel, according to the index.

Additionally, Apache is expected to release its 2015 third quarter earnings results before the market open on Thursday.

Analysts surveyed by Thomson Reuters are expecting the company to post a loss of 36 cents per share on revenue of $1.58 billion for the most recent quarter.