California Resources (CRC) Stock Advances as Oil Prices Show Gains
NEW YORK (TheStreet) -- California Resources (CRC) - Get Report stock is increasing 1.44% to $4.94 with oil prices as the International Energy Agency (IEA) made bullish comments about the oil market long term.
Oil could swing back to around $80 a barrel by 2020, as the oversupplied market begins to stabilize, the IEAnoted.
On Monday, the EIA said that it forecasts U.S. shale oil output to drop by 118,000 to less than 4.95 million barrels a day in December, according to the Wall Street Journal.
Crude oil (WTI) is up 0.8% to $44.22 per barrel and Brent crude is rising 0.4% to $47.38 per barrel, according to the CNBC.com index.
Based in Los Angeles, California Resources operates as an oil and natural gas exploration and production company in the State of California.
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