With the top oil producing areas in turmoil: the Middle East, Russia and Venezuela, one would think oil would be higher. “It should be at $120, ” Jim Cramer said on CNBC. However, the price is in freefall. The news that Exxon has to delay its drilling plans in Nigeria because of Ebola should have sent oil prices up. Cramer says he predicts there may be a lot of long bets on oil by hedge funds, in spite of the price decline. Although domestic drilling might have caused the price to fall, with all of these geopolitical problems, the price doesn’t make much sense.
