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Chesapeake Energy (CHK) Stock Falls Amid Declining Oil Prices

NEW YORK (TheStreet) -- Chesapeake Energy (CHK - Get Report) stock is decreasing by 2.91% to $6.67 in mid-afternoon trading on Monday, as oil prices fall after a drop in Chinese stock markets drove a sell-off in commodities and global equities.

WTI crude is falling 4.03% to $38.82 per barrel, while Brent crude is down 4.53% to $43.40 per barrel, according to the CNBC.com index.

China's weak economy is creating concerns that oil consumption in the country will fall amid oversupply, Reuters reports.

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"Today's falls are not about oil market fundamentals. It's all about China," Commerzbank senior oil analysts Carsten Fritsch said to the Reuters Global Oil Forum. "The fear is of a hard landing and that things get out of the control of the Chinese authorities."

Additionally, Iranian Oil Minister Bijan Zanganeh called for an emergency meeting of the Organization of Petroleum Exporting Countries to discuss ways to stabilize prices.

Iran plans to increase oil production to protect its market share.

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


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