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Chesapeake Energy (CHK) Stock Tumbles as Oil Prices Drop

NEW YORK (TheStreet) -- Chesapeake Energy Corp. (CHK - Get Report) shares are falling 2.78% to $9.08 on Friday along with declining oil prices.

Brent crude is falling 0.83% to $52.51 per barrel and Crude oil (WTI) is gaining 0.4% to $49.63 per barrel, according to the index.

This comes after oil prices rallied yesterday, following the Federal Reserve's minutes, showing that it's in no rush to raise interest rates, Reuters reports.

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However, "The rally may sustain for the short term but it should run out of steam some time next week because we are in a generally oversupplied market," said Tamas Varga, oil analyst at London brokerage PVM Oil Associates.

Based in Oklahoma City, Chesapeake Energy produces oil and natural gas through acquisition, exploration, and development of from underground reservoirs in the U.S.

Separately, TheStreet Ratings team rates CHESAPEAKE ENERGY CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their...