This Is What Needs to Happen for Oil to Rally, Jim Cramer Explains

Here is what needs to happen in order for oil prices to rally, according to TheStreet's Action Alerts PLUS Portfolio Manager Jim Cramer: 

• A dramatic decline in oil inventories
• A falling Baker Hughs (BHI) rig count
• Some event that takes Libya or Nigeria offline in terms of oil production

Watch all of Jim Cramer's latest videos, right here:

• Jim Cramer on Amazon Prime Day: Watch Costco Shares
• Pepsi's Frito-Lay Business Can't Be Crushed By the Wars Among Amazon, Walmart and Target, Jim Cramer Says
• There's Demand for Tesla's Services Network, Jim Cramer Says
• Here Is How Facebook's Instagram Causes Trouble for Snap, Jim Cramer Explains
• Randal Quarles Will Be Easy on the Banks, Jim Cramer Says
• This Is What Jim Cramer Expects From Janet Yellen's Testimony
• Jim Cramer on Oncor: It's Warren Buffett vs. Paul Singer