California Resources Leads Producer Plunge as OPEC Pumps On
- OPEC abandons output target at Dec. 4 meeting in Vienna
- Crude oil futures fall to six-year low in New York, London
Oil Tumbles as OPEC Opens the Taps on Output Target
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California Resources Corp. tumbled as plunging crude prices heightened concern about the explorer’s ability to reduce a debt load that’s six times its market value.
CRC, which was targeted as “worthless” by hedge fund BlueMountain Capital Management LLC in June, fell 19 percent to $2.62 at close of New York trading Monday, the biggest one-day slump since the company was spun off by Occidental Petroleum Corp. late last year. Since the spinoff, CRC stock has lost 68 percent of its value.