Jim Cramer Says Don't Trust Oil Stocks Until Rift Within OPEC Ends
Jim Cramer says investors should sell all the bounces until we're absolutely sure that the price war in OPEC is over. Until then, he says, don't trust the oil stocks.
Oil prices are plunging. Brent crude, the global oil benchmark, has slipped below $90 a barrel -- its lowest level since November 2010. The U.S. contract, West Texas Intermediate, is trading below $85 a barrel, its lowest level since late 2012. Jim Cramer says oil cannot lift because of a price war within OPEC and because of the amount of oil we're producing in the U.S. So if oil can't rally, Cramer says, it means investors should sell all the bounces. The bounces need to be sold until we're absolutely sure that the price war in OPEC is over. Until then, Cramer says don't trust the oil stocks.
