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Why Chesapeake Energy (CHK) Stock is Climbing Today

NEW YORK (TheStreet) -- Shares of Chesapeake Energy (CHK - Get Report) are higher by 5.49% to $6.53 in early-afternoon trading on Friday, as the energy sector gets a boost from the rally in the price of oil.

Crude oil (WTI) is up by 1.78% to $43.95 per barrel this afternoon and Brent crude is gaining by 1.75% to $45.31 per barrel.

The price of the commodity is surging due to recent signs that the long and persistent global supply glut may be easing.

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