This is ‘crunchtime’ for oil and the price needs to hold here for energy stocks to move higher, said TheStreet’s Jim Cramer. Technically the price of oil should be bottoming, but the statements from the companies reporting quarterly results are all over the map. He said the National Oilwell Varco earnings report implied oil has not formed a bottom, but Schlumberger’s outlook said the opposite. Meanwhile, he said there is a glut in crude and it is not due to weak demand.
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