This article appeared online at TheNewAmerican.com on Friday, November 9, 2018:
Jim Cramer, the host of CNBC’s Squawk on the Street who never had an unexpressed opinion on things financial, told his viewers on Thursday that with crude oil prices trading down close to $60 a barrel, “I could make a case for the $40s here.” He added, “I’m just saying: look out! The economy in the world is slowing, demand is slowing for oil, and we [U.S. producers] are pumping like mad.”
Cramer’s comments came before word that OPEC, Russia, and other non-OPEC oil producers are meeting this weekend in Abu Dhabi to talk about the slide in oil prices and what they collectively plan to do about it.
The turnaround in investor sentiment has been jaw-dropping.