Oil prices are declining amid concerns about the global oversupply of oil, Reuters reports. Last week, the Energy Information Administration reported a larger-than-expected rise in U.S. crude oil stockpiles.
"The market likely remains oversupplied by around 0.6 million bpd (barrels per day) through the first half of 2016 and inventories will continue to build from already high levels," Jefferies said in a note, according to Reuters.
Crude oil (WTI) is falling by 0.2% to $39.38 per barrel and Brent oil is declining by 0.37% to $40.29 per barrel this afternoon, according to the CNBC.com index.
Based in Chatsworth, CA, California Resources is an energy exploration and production company that operates in California.
Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rates this stock as a "sell" with a ratings score of D-. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
You can view the full analysis from the report here: CRC