NEW YORK (TheStreet) -- California Resources Corp. (CRC) shares are falling sharply, down 5.93% to $8.57 in trading on Monday, as falling crude prices put pressure on the oil sector today.
Industry standard Brent crude for June delivery is down 0.27% to $66.28 per barrel while West Texas crude for June delivery is down 0.64% to $58.77 in trading today. Light sweet crude for June delivery is down 0.42% to $58.93 per barrel on the New York Mercantile Exchange.
The drop in prices is due in part to a report today that showed U.S. stockpiles at an important hub in Cushing, OK fell by less than 100,000 barrels in the week ended Friday, leaving U.S. stockpiles near record highs, according to the Wall Street Journal.
U.S. crude stockpiles are currently at their highest levels in 80 years and the glut of supply on the global market is responsible for oil prices falling sharply over the past 11 months.
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