NEW YORK (TheStreet) -- Shares of oil and gas company California Resources Corp. (CRC) - Get Report were falling 9.8% to $4.91 Monday as oil prices continued to fall and hit five and a half year lows.
WTI crude oil for February delivery was falling 4.8% to $50.14 a barrel late Monday morning. Brent crude oil for February delivery was falling 6.2% to $52.90 a barrel.
Oil prices continued to fall due to global surplus and lackluster demand, according to Reuters. Oil output in Russia hit post-Soviet highs of an average of 10.58 million barrels a day in 2014, which helped drive oil prices down.
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"The easiest path for oil is down," Carsten Fritsch, senior oil and commodities analyst at Commerzbank told Reuters. "Almost all market news and the fundamental backdrop are negative and it is difficult to see much upside at the moment."