Jim Cramer Says in the Oil Sector, He Likes Schlumberger and Occidental Petroleum
Oil prices are stuck in the $50 range, which is why Jim Cramer only likes a few oil stocks.
Jim Cramer isn't a big fan of the oil patch, but he does like Schlumberger (SLB) - Get Report and Occidental Petroleum (OXY) - Get Report . Cramer says looking at the five year curve of oil, it's barely budged from around $50 a barrel. On Wednesday, OPEC said its latest output hit eight-year highs. OPEC also raised its forecast for 2017 non-OPEC supply growth. Also on Wednesday, the API reported an increase in oil stockpiles, and the market was waiting for Thursday's release of EIA data. Approaching midday on Thursday, oil prices were falling.
