The greenback reacted to Federal Reserve Chair Janet Yellen's comments at Harvard University this afternoon. She said that an interest rate hike is "probably" appropriate in the coming months if economic data is positive, CNBC reports.
A stronger dollar weighs on demand for dollar-denominated oil from foreign investors.
Investors were also hesitant to hold bullish bets ahead of the three-day weekend. "You don't want to be long on a $50 position when oil could be below $48 by the time the new week opens," Phil Flynn, energy markets analyst at the Price Futures Group told Reuters.
Crude oil (WTI) is slipping 0.55% to $49.21 per barrel and Brent crude is retreating 0.69% to $49.25 per barrel.
Earlier today, Baker Hughes (BHI) said the number of rigs operating in U.S. fields fell by 2 to 316 in the previous week. Around this time last year, drilled were operating 646 oil rigs.
Separately, TheStreet Ratings currently has a "Sell" rating on the stock with a letter grade of E+.
The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.
Recently, 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 article's author.
You can view the full analysis from the report here: CHK