California Resources Corp. stock rose more than 14 percent Tuesday, spurred by higher oil prices and Saudi production limits.
The Chatsworth oil and natural gas producer’s stock is highly dependent on crude oil prices. On Monday, Saudi Arabia announced it would limit its oil production to 6.6 million barrels a day, about 1 million barrel less than a year ago. Then on Tuesday, the American Petroleum Institute reported a drop in U.S. oil reserves.
Future contracts for benchmark Brent crude closed Tuesday up $2.11 or 4.3 percent to $50.71 on the New York Mercantile Exchange.
Shares of California Resources (CRC) closed Tuesday up $1.09 or nearly 14.5 percent to $8.63 on the New York Stock Exchange.