Oil Shock Sends California Resources Lower

Shares of California Resources Corp. fell 13.6 percent Friday in tandem with lower crude oil prices. Bloomberg reported that member nations of the OPEC+ alliance in London couldn’t agree on cuts to production to stabilize oil prices under pressure from slower economic growth due to the coronavirus. In particular, Russia refused to agree to the cuts. Oil prices fell 9.4 percent Friday to $41.57 on the New York Mercantile Exchange. Prices also fell 9.4 percent on the ICE Futures Europe Exchange in London. Bloomberg called it the largest one-day decline in oil prices since 2008. Shares of Santa Clarita-based California Resources (CRC) closed Friday down 88 cents to $5.59 on the New York Stock Exchange.