Jim Cramer Says Don't Trust the Oil Rebound
Let's talk about oil.
It's been quite a week! We've seen oil prices plummet and then rebound. So, what's happening today?
Oil prices rose Thursday for a second straight day, sparked by President Donald Trump's instruction for the U.S. Navy to "shoot down" any Iranian gunboats that harass American ships at sea.
Iran on Thursday vowed a "crushing response" to threats from Trump as tensions in the Gulf region continued to escalate.
West Texas Intermediate crude oil, the U.S. benchmark, rose more than 30% to $17.99 a barrel. Futures for Brent crude, the international standard, gained 12.76% to $22.76 a barrel.
And both Exxon and Chevron were soaring in intraday trading.
So, what does Jim Cramer think about oil now?
Watch the full video above for Cramer's full take.
Want to know what Jim Cramer and his team at Action Alerts PLUS are thinking about the markets and the stocks they're watching? Sign up on Action Alerts PLUS for more.
Cramer and the team are weighing in on what members need to know about the coronavirus pandemic's impact on the market. Here's how you can recap his entire April show.
Watch More of the Latest Videos on TheStreet and Jim Cramer
- Webinar Preview: Expert Advice on Wealth Planning for Turbulent Markets
- Retirement Daily: Self-Employed? Here's How to Save Up to $62,000 a Year for Retirement
- Sallie Krawcheck: During the Coronavirus Pandemic, Should You Lower the Amount Allocated to Your 401k?
- Jim Cramer: Apple Is Still an 'Own, Don't Trade' Stock
- Jim Cramer's 5 Books to Read During the Coronavirus Pandemic