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.