U.S. stocks fell for a third-straight day Wednesday, with the S&P 500 joining the Dow industrials in negative territory for the year, as earlier gains evaporated alongside a turn south in crude-oil prices, according to Market Watch
The slump in oil prices to levels not seen since the global financial crisis has fanned expectations of deflation, hammered economies of producers and flattened share prices of once high-flying energy companies, according to CNBC
But according to one analyst, lower oil prices could actually help some emerging market economies and refiners by lifting disposable incomes and improving margins.
“Cheaper feedstock costs will support refining margins, while lower import costs will encourage greater consumer spending, driving economic growth in the emerging economies,” said Peter Lee, Oil & Gas Analyst at BMI Research on Tuesday.
U.S. WTI and Brent crude oil prices are trading around seven-year lows, tanking after OPEC last week decided not to cut its 30-million-barrel a day production ceiling to support depressed energy prices. CNBC Report
On Wednesday, Shares of Chesapeake Energy Corporation (NYSE:CHK), inclined 1.82% to $4.48, during its last trading session.Chesapeake Energy Corporation is a producer of natural gas, oil and natural gas liquids (NGL) in the United States. The Company operates in two segments: Exploration and Production, and Marketing, Gathering and Compression. The exploration and production segment is responsible for finding and producing oil, natural gas and NGL.
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