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Chesapeake Energy (CHK) Stock Gains on Rising Oil Prices

NEW YORK (TheStreet) -- Chesapeake Energy Corp. (CHK - Get Report) stock is advancing 2.35% to $7.61 in afternoon trading on Tuesday after international factors drove oil prices higher.

WTI crude is up 3.68% to $47.84 per barrel, while Brent crude is gaining 3.59% to $50.54 per barrel this afternoon, according to the index.

Brazilian oil workers began a strike on Sunday against state-run Petrobras (PBR), driving a 25% decline in daily output, Reuters reports.

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Meanwhile, a Libyan export terminal was closed, delaying crude oil shipments, Reuters added.

Additionally, Chesapeake Energy will report its 2015 third quarter financial results before the market open tomorrow.

Analysts have estimated a loss of 13 cents per share and a 47.1% year-over-year decline in revenue to $3.02 billion for the latest quarter as the oil and natural gas producer faces a volatile commodities market.

Last year, Chesapeake Energy reported earnings of 38 cents per share on $5.7 billion in revenue for the 2014 third quarter.