Amid the broader selloff, oil saw another day of declines Thursday in early trading. Investors have become increasingly fearful that a dissolution of talks between OPEC and its allies will result in oversupply and an increasingly volatile oil market.
Saudi Arabia refused demands from the United Arab Emirates to increase the country's output.
In Wednesday's episode of CNBC's Mad Money, Jim Cramer outlined 7 themes that will dominate markets in the second half of 2021 with oil among them.
"Keep the other eye on crude oil. As prices near $100 a barrel, Cramer said Chevron (CVX) - Get Chevron Corporation Report, Devon Energy (DVN) - Get Devon Energy Corporation Report and Pioneer Natural Resources only become more attractive," Scott Rutt wrote in his Mad Money Recap.
In the video above, Cramer breaks down why he prefers Chevron and Devon of the three names.
Recap TheStreet Live: Everything Jim Cramer Is Watching 7/8/21