One Factor Driving California Resources Corp. (CRC) Stock Up Today

NEW YORK ( TheStreet) -- Shares of California Resources Corp.  (CRC) closed up 8.13% to $5.72 on Tuesday as the energy sector rallied thanks in part to Repsol SA's $8.3 billion acquisition of Talisman Energy (TLM) .

Repsol agreed to pay $8 per share for Calgary-based Talisman, a 60% premium to the average stock price during the past month, Talisman said. The Madrid-based company would also assume $4.7 billion in debt.

California Resources touched a 52-week low of $5.05 shortly after the market opened Tuesday, but the energy sector rally pulled the stock higher after the initial dip.

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The rally occurred despite the continued plunge in oil prices. WTI Crude fell 4.1% to $53.60 a barrel on Tuesday, the lowest price in five-and-a-half years, according to USA Today.

CRC Chart CRC data by YCharts

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