Oil prices were wavering in choppy trading on Thursday after initially rallying following comments from Saudi Arabia’s oil minister. Ali al-Naimi called oil’s dramatic decline ‘temporary’ and said crude demand would recover as the global economy improves. Those comments sent brent crude prices to about $63 a barrel, before paring early gains to trade back below $62. This, after oil this week hit a five-year low on Tuesday, hitting $53.60 a barrel. Jim Cramer says not to expect oil to reach equilibrium just yet. He says oil will only go sustainably higher until demand comes from Europe, which will increase demand from China, and until some cessation of supply occurs in the United States.
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