Crude oil (WTI) was down 2.12% to $49.77 per barrel while Brent crude was lower by 2.11% to $50.69 per barrel this afternoon.
Oil prices were retreating today as Iraq said it wouldn't sign onto an OPEC deal to cut production.
But losses were limited as Iran said it would encourage other OPEC members to join an output freeze, noting that $55 to $60 a barrel was a fair price to balance the market, according to Reuters.
OPEC last month announced it would reduce output to between 32.5 million barrels per day (bpd) and 33.0 million bpd compared to the 33.4 million bpd produced in September.
The group will discuss further details at its next meeting on Nov. 30, Reuters noted.
Additionally, Susquehanna today raised its price target to $7 from $6.50 on shares of the Oklahoma City-based natural gas producer. The firm has a "hold" rating on Chesapeake stock, according to FactSet.
"Although Chesapeake will have a significant cash flow outspend next year, the long-term outlook provided last week suggests the company is on a path towards cash flow neutrality by mid-2018," the firm said in an analyst note, Barron's reports.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
The team rates Chesapeake Energy as a Sell with a ratings score of E+. The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: CHK