California Resources (CRC) Stock Falls on Lower Oil Prices

NEW YORK (TheStreet) -- Shares of California Resources (CRC) 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 ChartCRC data by YCharts

More from Markets

Global Rally Stalls as Trump Doubts North Korea Summit, Questions China Trade

Global Rally Stalls as Trump Doubts North Korea Summit, Questions China Trade

Lowe's Snags Ex-Home Depot Exec as CEO; ISPs Face Competitive Threat -- ICYMI

Lowe's Snags Ex-Home Depot Exec as CEO; ISPs Face Competitive Threat -- ICYMI

Dow Slips 178 Points; S&P 500 and Nasdaq Also Decline

Dow Slips 178 Points; S&P 500 and Nasdaq Also Decline

Legal Weed Sales in California Are Off to a Less Than Smokin' Start

Legal Weed Sales in California Are Off to a Less Than Smokin' Start

Owner of Moviepass Sees Stock Plummet

Owner of Moviepass Sees Stock Plummet