NEW YORK (TheStreet) -- Shares of SandRidge Energy Inc. are down by 2.46% to $1.78 in late afternoon trading on Tuesday, as some stocks in the energy sector take a hit due to the declining price of oil. Crude oil (WTI) is falling by 2.55% to $47.44 per barrel and Brent crude is slipping by 2.38% to $54.95 per barrel this afternoon, according to the index provided by CNBC.com Oil prices are being driven into the red today as Iran and six world powers are meeting in Switzerland to discuss a frame line agreement on the country's nuclear program. Iran, the U.S., China, Britain, Russia, Germany, and France began talks on Monday, giving themselves until the end of the day Tuesday to come up with a deal. This afternoon the State Department announced that the meeting will continue into Wednesday. "We've made enough progress in the last days to merit staying until Wednesday. There are several difficult issues still remaining," State Department spokesperson Marie Harf said, CNN reports. The rate at which Western sanctions are being lifted on Iran is a hurdle that could scrap a deal, Reuters reported earlier today, adding that Russia's Foreign Minister Sergei Lavrov told reporters in Moscow that he feels the talks have a good chance of success. If Western sanctions are lifted Iran could extend its oil exports. "If the flood gates to Iranian crude open, (prices) will probably test this year's lows again," Phillip Futures analyst Daniel Ang told Reuters. If sanctions are lifted Iran could increase oil production by close to 500,000 barrels per day within six months and by another 700,000 bpd within another year, Reuters said.Insight from TheStreet's Research Team: SandRidge Energy is a core holding of David Peltier's Stocks Under $10 Portfolio. During the most recent weekly roundup, this is what Dave had to say about the stock: The company explores for natural gas and oil in the U.S., primarily onshore. The stock added nearly 9% to recent gains this week, along with underlying energy prices. -David Peltier Stocks Under $10 'Weekly Round Up' Originally Published on 3/27/2015. Want more like this from David Peltier BEFORE your stock moves? Learn more about Stocks Under $10 Now! SD data by YCharts Must Read: Warren Buffett's Top 25 Stocks for 2015
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