Jim Cramer: Oil at $50 Is Positive for Industry

Oil has eclipsed the $50 a barrel mark and that is very positive for the energy complex.
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Oil has eclipsed the $50 a barrel mark and that is very positive for the energy complex because the producers can finally raise some money to repay their heavy debt burdens, said TheStreet's Jim Cramer. He said oil companies will sell oil in the futures market to pay back their bankers at these levels. Cramer said he is wary of picking individual takeover targets in the sector and likes oil services giant Schlumberger (SLB) - Get Report as his top stock in the oil patch.

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