Jim Cramer: How Investors Should Approach Oil Right Now
Let's dive in... The Dow dropped for the first time in eight days following an attack on two key Saudi Arabian oil facilities.
Oil prices surged the most since the 1991 Gulf War in early trading, before paring gains to between $5 and $6 a barrel, after drone attacks on the Abqaiq and Khurais crude facilities in Saudi Arabia, which caused massive fires and shuttered nearly 5% of global production.
"Our producers will clean up and so will our refiners, but you need to be very dexterous if you want to make money on that trade, and it is a trade," wrote Cramer in his Real Money column, which focuses on oil.
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