NEW YORK (TheStreet) -- Shares of California Resources (CRC) - Get Report were falling 7.4% to $6.63 on heavy trading volume on Friday as oil prices are down.

WTI crude oil for August delivery was down 1.3% to $58.92 a barrel Friday morning, and Brent crude oil for August delivery was down 1% to $62.58 a barrel.

Oil prices were falling Friday as investors wait for the outcome of the Iranian nuclear talks, according to Reuters. A nuclear deal with the country could lead to an increase in crude exports from the country while the market is already over-supplied.

Stalled talks between Greece and its creditors are also contributing to the lower oil prices.

About 7.7 million shares of California Resources were traded by 10:40 a.m. Friday, above the company's average trading volume of about 5.5 million shares a day.

CRC data by YCharts

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