Why Jim Cramer Is Taking a Close Look at Oil

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Let's talk about oil.

When asked what was on the top of his mind, Jim Cramer said that he was taking a close look at oil.

Why?


"I'm surprised that oil is doing well. I mean it's the first time that there's some notes about how oil could go up a lot. I don't believe them, cause we can flood the world with oil, but it is in the Saudi's interest to have oil go higher cause of the Aramco deal, they could cut back a million, take a couple million off without telling us and maybe oil could go up. We can't make up a couple million. We can make up some...that explains why a Chevron (CVX) - Get Report , which didn't have good quarter, could be going higher. We own BP (BP) - Get Report for Action Alerts PLUS, it's been a dog, but it's not anymore...it should also mean that Schlumberger (SLB) - Get Report goes up," said Cramer.

There's more to oil than just the Aramco deal, however. 

TheStreet's Martin Baccardax reported that Chevron shares traded at the top of the Dow Jones Industrial Average Monday, after the second largest U.S. oil company agreed to sell its central Asia assets to Hungary's MOL (MOL) for around $1.6 billion.

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