NEW YORK (TheStreet) -- Shares of Chesapeake Energy (CHK) were gaining, higher by 1.33% to $14.05 in afternoon trading Tuesday, as WTI crude settles at its highest level in about six months due to the weaker dollar, according to Reuters.
U.S. crude settled higher by 1.76% to $61.26 a barrel, the highest level since December 9.
Oil prices are rallying on expectations that U.S. crude supplies may have dropped again last week for a fifth straight week, Reuters noted.
Also, Wall Street is expecting the Organization of the Petroleum Exporting Countries to keep their group production target at its current level and resist pressure for an increase, Reuters added.
On Friday, ministers from the OPEC are expected to meet in Vienna to decide on production policy for the next half of the year.
Brent crude for July delivery was up 1.17% to $65.64 a barrel as of 2:45 p.m. ET today, while U.S. crude for July delivery was rising 1.86% to $61.32 a barrel.
Oklahoma City, Okla.-based Chesapeake is a producer of natural gas and liquids. The company's exploration and production segment is responsible for finding and producing natural gas, oil and natural gas liquids.
The company owns interests in approximately 47,400 natural gas and oil wells with positions in the resource plays including the Eagle Ford Shale, and the Utica Shale.
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 recommendation:
"We rate CHESAPEAKE ENERGY CORP (CHK) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."