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Chesapeake Energy (CHK) Stock Falling Amid Lower Oil Prices

NEW YORK (TheStreet) --Chesapeake Energy Corp. (CHK - Get Report) stock is declining by 6.42% to $8.31 in midday trading on Monday, as the energy sector takes a hit from the tumble in oil prices.

Chesapeake Energy is an Oklahoma City-based producer of natural gas, oil and natural gas liquids in the U.S.

Oil prices are slipping as investors take profits following several days of strong gains, Reuters reports.

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Crude oil (WTI) is lower by 4.53% to $47.38 per barrel this afternoon and Brent crude is slipping by 4.05% to $50.52, according to the index.

"The recent rise has left room for profit taking," senior oil analyst at Commerzbank Carsten Fritsch told Reuters.

Earlier today, oil prices rallied on comments made by Kuwait's oil minister, Ali al-Omair, Reuters said. The Organization of the Petroleum Exporting Countries is planning to keep up with its current output policy, which has been designed to protect market share.

Separately, TheStreet Ratings team rates CHESAPEAKE ENERGY CORP as a Sell with a...