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Jim Cramer's short-term outlook for oil stocks is bearish, but in the long term, he's bullish, he said Thursday on his "RealMoney" radio show.
Cramer believes the price of oil is headed to $50 a barrel from Thursday afternoon's price of about $57.80. Cramer said Europe has flooded the U.S. with crude and heating oil following hurricanes Katrina and Rita.
Additionally, temperatures have remained relatively warm in the East, and production and refining capacity in the Gulf of Mexico is coming back online, he said. ...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,328.89 | 1,102.47 | 2,211.69 | 35.46 |
Oil *
73.88
|
|
UP
20.63
|
UP
6.40
|
UP
31.64
|
UP
0.59
|
10 Yr
3.55%
SPDR Gold
108.95
|
|
+0.20%
|
+0.58%
|
+1.45%
|
+1.69%
|
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