Oil prices are being propped up by OPEC grandstanding and jawboning, not reality, said TheStreet’s Jim Cramer. Cramer said the price is being elevated by talk because the reality is that there is “way too much oil”. In Cramer’s view, $40 a barrel could be the next stop for crude which is currently trading above $45 a barrel. Cramer is dismissing talk from the Algerian energy minister of a severe Saudi Arabian cutback in production. In his opinion, the Saudi’s will continue to pump crude regardless of what their fellow members say.
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