NEW YORK (TheStreet) -- Shares of California Resources Corp.  (CRC) - Get Report fell 6.76% to $5.79 in early afternoon trading Monday as oil prices declined.

Brent crude, which fell to a five-year low of $58.50 last week, was down 2.02% to $60.14 at 12:01 p.m. West Texas Intermediate Crude was down 2.89% to $55.48.

Oil prices have plummeted nearly 50% since the summer amid a global oversupply. Oil producers are continuing to increase production despite the supply glut and weakening demand, and OPEC decided to maintain its production levels at a meeting last month.

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More than 2.6 million shares had changed hands as of noon Monday.

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