Global oil prices rallied Thursday after President Donald Trump said Russia and Saudi Arabia were ready to "significantly" reduce production rates and planned a White House summit to address a market he said was 'ravaged' by the coronavirus pandemic.
The President said he would broker a deal between Saudi Arabia and Russia, the world's second and third-largest producers, that would end the ongoing price war that followed the collapse of OPEC's three-year production cut agreement last month in Vienna.
So, here's what Jim Cramer thinks about oil and how investors who are watching oil carefully should be thinking about the industry.
"Well top of mind is, is that I've been saying that unless oil bottoms, you're going to have a lot of problems with this market. Just remember we've got two problems," said Cramer during TheStreet Live.
Watch the video above for more.
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