Jim Cramer: Market's 'Lack of Faith Is Palpable' After Oil Price Crash

Katherine Ross

The market is under pressure once again on Tuesday after yesterday saw a historic plunge in oil.

In case you missed it: Oil prices plunged to below zero for the first time ever on Monday as storage tanks were nearly full amid a collapse in demand due to the coronavirus pandemic.

Oil contracts expiring Tuesday remained in negative territory while futures for the June contract were trading around $16 a barrel.

"What this means – is that there is a massive oversupply of oil in the marketplace – and we are quickly running out of places to store it. Parts of the industry telling us today that they have been talking about this for months now – that they knew this was going to happen," wrote Kenny Polcari, SlateStone's senior wealth strategist, in his morning newsletter.

So, what does Jim Cramer think?

Watch the full video above for more.

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