TheStreet’s Jim Cramer says every time oil ticks down a dollar we start hearing people say it’s going to $30. Every time it goes up a dollar we hear it’s going to go to $65-$70. Cramer says he believes it’s going to stay right here between $50 and $60. Why is that level important? Cramer explains that because at $50 and $60 it turns out a lot of companies make a lot more money than we thought because their costs are going down. He urges investors to look at Pioneer Natural Resources which is increasing its production while at the same time its costs are going down and that means its earnings are going to be fine. Cramer says there are a lot more survivors in the oil patch than we realize. Oil rose above $60 a barrel on Friday for the first time this year.
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