Another week, another chance to talk about oil.
U.S. oil prices rose to a nine-week high Monday, pulling Brent crude closer to $35 a barrel, as major economies ease lockdown restrictions and OPEC supply cuts bolster renewed demand optimism.
With Europe basking in an early spring heatwave, which enticed consumers outside over the weekend, and economies from Germany to the United Kingdom cautiously returning to work, hopes of a near-term recovery have boosted risk markets around the world. At home, states, businesses, and factories are consistently returning to at least limited operations as coronavirus infection rates slow to the lowest levels since the pandemic began, noted TheStreet's Martin Baccardax.
With Saudi Arabia, the world's second-largest producer behind the United States, planing to trim another million barrels per day from its June output total, taking the tally to a two-decade low of just under 7.5 million barrels per day, and China posting an 11% month-on-month gain in daily crude processes in April, oil markets have seen a steady and consistent gain since trading in negative territory last month.
Looking ahead at oil, Jim Cramer said that $35 is the "magic number." Catch Cramer's full take in the video above.
Watch More of the Latest Videos on TheStreet and Jim Cramer
- Jim Cramer: Watching Walmart, Target Ahead of Earnings
- Jim Cramer: The NYSE Will Not Look the Same
- Jim Cramer: Bullish on Some Covid-19 Drug Candidates
- May 17, 1792: The NYSE Is Founded in New York City
- J.C. Penney Files for Bankruptcy: The Rise And Fall Of The Iconic Retailer
- Which Countries Have the Most Doctors?