Falling oil prices are the key to the U.S. stock market right now, but the plunge will be irrelevant in the near-term, Jim Cramer said Monday.
"What I did was look at the last four times that oil fell 6 percent or more within a one-to-two day period, and that day is always impactful for the S&P. if you look two weeks later, there is zero impact; no correlation whatsoever," Cramer said on CNBC's "Squawk on the Street."
U.S. crude prices fell as much as 6.8 percent after world oil producers failed to agree on a production output freeze on Sunday. In early morning trading, WTI was down about 3.5 percent.