California Resources (CRC) Stock Falls on Lower Oil Prices

California Resources (CRC) stock is declining on Friday, as oil prices sink on heightened supply.
By Amanda Albright ,

NEW YORK (TheStreet) -- California Resources (CRC) - Get Reportstock closed down 5.06% to $3.85 on Friday amid slipping oil prices.

Oil prices fell again today, which extended this week's loss to the largest in eight months, Reuters reports.

Crude oil (WTI) is falling by 2.35% to $40.77 per barrel this afternoon and Brent crude is slipping by 1.04% to $43.60 per barrel, according to the CNBC.com index.

Crude oil inventories reached a record levels by the end of September, at nearly 3 billion barrels, according to a Friday report by the International Energy Agency.

"Everybody right now is hearing, 'Too much oil in the world,'" Michael Hiley, an energy trader at brokerage LPS Partners Inc, told the Journal. "When you do have something from IEA that points out how much is there, it's sort of a wake-up call."

California Resources is an independent oil and natural gas exploration and production company based in Los Angeles.

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