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Friday, Mar 29, 2024

CRC Drops 13 Percent on Lower Oil Prices

Shares of California Resources Corp. dropped nearly 13 percent Wednesday as oil prices fell. The Chatsworth oil and gas producer was accompanied on the way down by other oil producers, including Denver-based Whiting Petroleum, which lost 10 percent, and Marathon Oil in Houston, which dropped 8.6 percent. Futures for sweet light crude oil fell $2.94, or 5.5 percent, to close at $50.20 on the New York Mercantile Exchange. California Resources (CRC) closed down $2.26, or 12.9 percent, to $15.25 on the New York Stock Exchange.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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