Chesapeake Energy Shares Rise on OPEC Reports

Shares of Chesapeake Energy were rising Tuesday on reports of producer action.
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Shares of Chesapeake Energy (CHK) - Get Report were rising Tuesday on reports of producer action. Organization of the Petroleum Exporting Countries, or OPEC, member Iran may support joint action by the organization to prop up the oil market, Reuters reported. Citing "sources in OPEC and the oil industry," Reuters said Iran seems supportive of a production freeze that could ultimately help pare a global supply glut in crude oil. Prices for crude oil jumped midday trading to about $47 a barrel, based on U.S. benchmark West Texas Intermediate.

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