Shares of California Resources Corp. dropped more than 10 percent on Wednesday as crude oil prices fell 3 percent to below $65 a barrel.
The drop in oil came after U.S. government data revealed an unexpected rise in domestic stockpiles, which increased by 6.8 million barrels for the week ended Aug. 10.
Fears over Turkey’s currency crisis and its effect on the global demand for crude oil could also have contributed to California Resources’ sharp decline. The drop cut the company’s market capitalization by $164 million.
California Resources (CRC) fell $3.39, or more than 10 percent, on Wednesday to close at $28.69.