Oil prices are stumbling on lower Chinese demand and concerns over the Organization of the Petroleum Exporting Countries' decision to pump without restraint, according to Reuters.
In May, China purchased 25% less crude oil compared to the previous month. China is the world's top net oil importer, Reuters noted.
On Friday, OPEC said it plans to keep its production target of 30 million barrels per day.
Brent crude for July delivery was lower by 0.73% to $62.85 a barrel as of 2:06 p.m. ET, while U.S. crude for July delivery was down 1.49% to $58.25 a barrel today.
L.A.-based California Resources is an independent oil and natural gas exploration and production company.
The company has a mineral acreage position in the state consisting of approximately 2.3 million net acres with an inventory of around 17,500 identified drilling locations.