Oil Will Recover In the Long-Term, Jim Cramer Says
So, can oil rebound?
It's been a tough few weeks with oil, with May deliveries hitting such historic lows that they actually went negative, and then June deliveries falling, then rebounding only to fall yet again.
Yep, that's right. The five-day oil rally is over in intraday trading on Thursday.
But, with states reopening across the country, could oil recover in the long run?
TheStreet's Scott Rutt noted in his Mad Money recap of Wednesday's show that, "Even oil is poised to rebound, Cramer said, which is why he said traders can own Chevron (CVX) - Get Report over the short term."
Watch the full video above for Jim Cramer's full take.
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Cramer and the team are weighing in on what members need to know about the coronavirus pandemic's impact on the market. Cramer and his team will be hosting a live monthly conference call on Thursday, May 14.
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