Jim Cramer: This Could Be End of Oil Rally

Katherine Ross

Oil has had quite the week so far, with 

Global oil prices are rising for a second consecutive session after the U.S. Energy Department published a smaller-than-expected weekly build in domestic crude inventories and investors parsed reports of a modest uptick in demand as OPEC production cuts are set to begin next week.

European shares were held down by a gloomy first quarter earnings report from Royal Dutch Shell (RDS.A) - Get Report and the oil major's first dividend cut since the Second World War. Official data from Eurostat also indicated that the Eurozone economy shrank by a larger-than-expected 3.8% over the first quarter, while France's economy suffered its largest contraction since records began in 1949.

Front-month WTI futures contracts -- the new benchmark for U.S. prices that would have owners taking delivery of crude in June -- were trading higher than their Wednesday close in New York, noted TheStreet's Martin Baccardax.

Watch the full video above for Jim Cramer's full take on oil.

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