Jim Cramer: It’s Crunchtime for Oil

This is 'crunchtime' for oil and the price needs to hold here for energy stocks to move higher, says TheStreet's Jim Cramer. Technically the price of oil should be bottoming, but the statements from the companies reporting quarterly results are all over the map. He said the National Oilwell Varco (NOV) - Get Report earnings report implied oil has not formed a bottom, but Schlumberger's (SLB) - Get Report outlook said the opposite. Meanwhile, he said there is a glut in crude and it is not due to weak demand.

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