A mixed bag of economic data is driving down the possibility of an interest rate hike by the Fed so the markets are focusing on oil, according to Jim Cramer. “The only thing that the algorithms can focus on is oil and the glut is bad. The Saudis are really flooding us with oil,” says Cramer. He believes that once oil gets to the $39-range, Saudi Arabia will step in and try to drive the price back up to $45 a barrel.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
