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Jim Cramer's Eye Is on Oil Into the July 4 Holiday

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Ahead of the July 4 holiday, Jim Cramer said that he is keeping a close eye on oil. 

U.S. oil prices traded at the highest levels in nearly seven years Thursday amid reports that OPEC cartel leaders will only make modest changes to their agreed output cuts, TheStreet's Martin Baccardax reported. 

"Oil has got to stop going up," Cramer told Action Alerts PLUS senior analyst Jeff Marks Thursday. 

"If oil continues to dominate then...freight is going to be a major problem. We have to take freight off the table. It's the single worst commodity that's going to hurt us," Cramer said. 

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