Jim Cramer: Oil Is Going to Be Held Between $75 and $80 on Downside

Jim Cramer says when the smoke clears, we'll discover that there are a couple of hedge funds that were dramatically long oil and got broken. He says they got long in the first place for several reasons which include Middle East turmoil, ISIS, and Russia. But oil plummeted, there's excess oil in the system and that smashed stocks and Master Limited Partnerships. Cramer says he believes oil is going to be held between $75 and $80 on the downside which makes it still palatable for most of the drilling programs in the United States. Crude saw its biggest one-day selloff in almost 2 years on Tuesday. Prices sank to a 27-month low on Wednesday.