While oil production for some companies has been strong, it's important for investors to not get overly bullish on oil stocks at this time, he said. With crude oil prices headed lower on the back of a strengthening dollar, it will be hard for most oil stocks to rally with the underlying commodity headed lower.
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That said, geopolitical situations can change overnight, Cramer added, so investors should not be overly bearish either. Right now crude oil prices, and therefore oil stocks, appears to be headed lower.
-- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell