WTI crude oil for August delivery was down 1.8% to $58.56 a barrel Monday morning and Brent crude oil for August delivery was down 1.6% to $62.22 a barrel.
Oil prices were falling due to Greece issuing a referendum to shut down its banking system on Sunday, according to Market Watch. Greece shut down is banking as it tries to resolve its debt crisis. The move could bring Greece closer to exiting the euro, according to Market Watch.
Progress in Iranian nuclear talks that could see the country exporting more oil also helped bring down oil prices.
California Resources is an oil and natural gas exploration and production company that exclusively operates in the state of California.