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.

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

• Ignoring Oil Could 'Come Back to Bite the Market,' Warns Expert
• Professional Athletes in Business: NBA Hall of Famer David Robinson Says Teamwork is Recipe for Success
• These Companies Filed For Bankruptcy During the Coronavirus Pandemic
• Jim Cramer: People Don't Live in Fear of COVID-19, They Live in Fear of Death
• Jim Cramer: Apple Is Earnings Report to Watch This Week