NEW YORK (TheStreet) -- Shares of oil company California Resources were gaining 5.3% to $8.01 Wednesday as oil prices increased. WTI crude oil for May delivery was up 5% to $49.98 a barrel Wednesday afternoon, and Brent crude oil for May delivery was up 3.7% to $57.15 a barrel. Oil prices were rising Wednesday after the U.S. Energy Information Agency announced that U.S. crude oil production decreased last week for the first time since January, according to the Wall Street Journal. The EIA said that U.S. crude oil output fell by 36,000 barrels to 9.4 million barrels the week ended March 27. While domestic output decreased, the EIA announced that U.S. crude inventories grew to a record 471.4 million barrels during the week that ended March 27. U.S. crude inventories have increased for 12 straight weeks. CRC data by YCharts Must Read: Warren Buffett's Top 25 Stocks for 2015
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