Chesapeake Energy Corporation (NYSE:CHK) fell -3.80% and to closed at $6.08. Crude futures eased on Friday, caught between larger-than-expected growth in U.S. crude stocks and reports that the Organization of the Petroleum Exporting Countries could consider extending its production cuts beyond the six-month deal.
U.S. stock index futures fell for the second straight day on Friday, after a record-setting few days on Wall Street, as investors await clarity on economic policy and ahead of a long weekend.
The S&P 500 has rise about 5 percent so far in 2017, with the Dow Jones Industrial Average up 4 percent, mainly on signs of an improving economy and promises by President Donald Trump to cut corporate taxes and reduce financial regulations.
On the New York Mercantile Exchange, West Texas Intermediate futures CLH7, -0.54% were dropped 34 cents, or 0.6%, to $53.03 a barrel. Brent crude, the global oil benchmark LCOJ7, -0.61% , fell 43 cents, or 0.8%, to $55.22 a barrel on London’s ICE Futures exchange.
Oil prices have traded within a tight range since the start of the year, with investors monitoring the extent to which OPEC members have reduced production. The cartel, along with other key producers including Russia, agreed last year to cut around 1.8 million barrels a day of oil output starting in January.