Updated to include the third paragraph and a new video by Jim Cramer.

Despite the widely reported good news of crude oil's long-awaited and eagerly anticipated rise above $50, the markets had not seen a notable impact leading into Thursday's market. 

Both the Dow Industrial Average and the S&P 500 were propped up out of the gates as West Texas Intermediate crude oil surpassed the $50 per barrel mark for the first time in nearly 7 months. 

By end of day price for WTI was at $49.38, slightly lower. Both the S&P 500 and the Dow finished up Thursday, but below the previous day's close.

The stocks of oil and gas industry leading players, such as ExxonMobil (XOM) - Get Report , Chevron (CVX) - Get Report   and Schlumberger (SLB) - Get Report , were also relatively unaffected by the continued ascent of WTI and Brent crude oil gains. 

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A weaker dollar as well a continued decline in U.S. crude inventories and production last week reported by the Energy Department have been linked to the bump in oil futures. WTI crude dropped back below $50 and futures were trading at $49.69 around 11 a.m. Thursday. 

Unfortunately, continued concerns over potential interest rate hikes from the Federal Reserve and indications of a possible slowdown in China may have tempered gains for oil, and as TheStreet has reported it may be tad early to celebrate this rally

"Iran is determined to ramp up productions to its pre-sanction levels," said Jasper Lawler, a markets strategist with CMC Markets, adding that Saudi Arabia won't agree to a production freeze unless Iran participates. "I think we can expect [no production freeze] from this meeting and the result from the past three meetings has been a big dive in oil prices."

An uncertain macro backdrop also remains despite the run up in commodity prices, according to Topeka Capital Markets oil and gas exploration and production industry analyst Gabriele Sorbara. 

The analyst continues to call for the need of an uptick in M&A in the profitable Permian and Anadarko basins before the E&P sector can really see an improvement on the markets. 

Meanwhile Jeffries issued a report Thursday noting it believes the global oil market has returned to balance in May, "with the fundamental correction accelerated by supply disruptions."

"For the first time in 2 years we expect that there is more upside than downside in our flat oil price forecasts," Jeffries' Jason Gammel wrote.