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Thursday, Mar 28, 2024

CRC Gains 14 Percent on Higher Oil Prices

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.

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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