NEW YORK (TheStreet) -- Shares of California Resources Corp. (CRC) are falling, down 4.79% to $5.57 in afternoon trading Friday, as oil prices continue to decline to their lowest since May 2009 on concerns over a global supply glut and weak demand. Oil stocks continue to decline, CNBC reports.
U.S. WTI crude closed down $2.14 at $57.81 per barrel, the lowest since May 2009, for a total loss of 11% this week, CNBC added.
Brent crude was slipping, down 2.45% to $62.12 per barrel this afternoon, after hitting a low of $61.35 a barrel -- the lowest since July 22, 2009.
With crude having declined by 33% already, it is on track for its biggest quarterly drop since the fourth quarter of 2008, CNBC noted.
Earlier this week, the U.S. Energy Information Administration lowered its forecast for international oil consumption in 2015 to 92.32 million barrels a day, lower than its previous estimate of 92.5 million barrels a day.
The International Energy Agency also said oil prices would likely come under further pressure, lowering its outlook for demand growth in 2015 and predicting that non-OPEC output gains would increase global supplies, according to CNBC.