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Cramer: Keep an eye on oil prices

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Cramer: Watch oil today

Oil prices are pushing stocks lower as investors looked to move on from a dismal January, CNBC's Jim Cramer said Monday.

"The inventory numbers are still too large. I don't see any real demand at the $34-$35 level," Cramer said on "Squawk on the Street."

U.S. oil inventories increased by 8.4 million barrels from Jan 18. to Jan. 22, according to the latest data from the Energy Information Administration.

T. Boone Pickens.
Pickens: Oil already bottomed—here's what's next

U.S. crude futures fell nearly 5 percent during the first trading session of February. U.S. stocks followed suit, with the Dow Jones industrial average falling more than 75 points in midmorning trading.

The three major indexes had their worst January in at least seven years, with the Dow and down over 5 percent and the Nasdaq dropping 7.86 percent.

"Just be aware that oil and gas and natural gas are so low that nobody is making money," Cramer said.

Pumping units, also known as 'nodding donkey's' or pumping jacks, stand silhouetted against the sun at an oil plant operated by Moravske Naftove Doly (MND) AS in Damborice, Czech Republic.
US oil drops 6% on China, slim OPEC deal hope