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Oil prices may be taking a turn lower, despite strong performances by the major oil companies, according to CNBC's Jim Cramer.
Exxon and Chevron both reported their highest cash flows from operating activities in recent years. BP raised its stock dividend, and the CFO believes that oil will continue to trade above $70 for the next six months.
However, Cramer thinks that the major oil companies' rosy outlook doesn't reflect the economic reality.
On Monday, President Donald Trump announced that the U.S. would once again impose sanctions on Iran's energy sector. Iran is the world's third-largest oil producer.
"You'd think that the price of oil would be soaring," following news of the sanctions, said Cramer. "But instead it actually closed down on the day."
"If oil were really ready to roar, then the oil service stocks would be flying here," the "Mad Money" host said. "These companies make a fortune when producers put their money where their mouth is and open the drilling spigot."
With these conflicting pictures of the state of the oil market, Cramer believes that prices may be on the verge of a downturn.
"I think demand for oil is slowing, perhaps slowing enough to cause a major breakdown in price," the "Mad Money" host concluded.
As a result, investors that are betting on companies like Exxon, Chevron and BP may be making a "bad call."
Disclosure: Cramer's charitable trust owns shares of BP and Schlumberger.