Cramer attributed the drop to hedge funds, arguing that each day the selling looks like a "liquidation trade," where large institutions are slamming the price lower as they offload long positions.
If not hedge funds, then who?
Exxon Mobil (XOM) - Get Exxon Mobil Corporation Report has stopped drilling in Russia because of its geopolitical tensions. There is turmoil in the Middle East, plus trouble in Venezuela and Ebola in West Africa.
Nigeria -- which seems to have contained its Ebola outbreak -- produces roughly 3 million barrels per day. While Cramer said this production may not come offline due to Ebola, it seems likely that some would at least be worried about the possibility.
Given that all of these regions are in "jeopardy," WTI crude oil should be closer to $110 per barrel, he concluded, adding that the supply in the market continues to overwhelm global demand.
-- Written by Bret Kenwell in Petoskey, Mich.
At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.