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Jim Cramer Is Saying No to Oil Stocks Post Brexit Vote

The UK's decision to leave the European Union is putting pressure on oil prices and Jim Cramer doesn't see any bargains in oil stocks.
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TheStreet's Action Alerts PLUS Portfolio Manager Jim Cramer doesn't see any bargains in oil stocks. 'The data we're getting about oil continues to show a decline in the amount of drilling,' Cramer said, adding that he expects oil to fluctuate between $45 and $50 a barrel. West Texas Intermediate, the U.S. benchmark for oil, slipped four percent to $48 a barrel on Friday, following the historic Brexit referendum. 'With the oil stock like Exxon Mobil (XOM) and Chevron (CVX) having just broken in the last few days - they act as if oil is going to $80 and I don't think it's doing that,' Cramer said.

At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.