Oil has not been able to stabilize. Jim Cramer says oil is moving lower because of an over supply. For one thing, he says, in the U.S. we are pumping about one million barrels of oil more than we did about 8 months ago and there's no place to store it. Add to that the oil that Saudi Arabia sends to us, of which the vast majority just ends up sitting there. Cramer adds that Europe is having a very big dampening effect because it's not growing and therefore Europeans are not spending as much on oil. Oil remains weak and Cramer says that's why Chevron and Exxon are not a buy. He says if you need a major, you buy Royal Dutch because it's in a restructuring and it has a good dividend.
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