Oil is over, Jim Cramer says.
Oil stocks are in ‘the death knell phase... You’re seeing divestiture by a lot of different funds. It’s going to be a parade. It’s going to be a parade that says, ‘Look, these [stocks] are tobacco and we’re not going to own them.’” That’s CNBC’s Jim Cramer talking about what he considers to be a fundamental crumbling for the fossil-fuel industry following what many characterized as mixed earnings reports from Big Oil names Friday.
This sentiment shift, which Cramer says is not fleeting, is keeping him away from the stocks. He compares the situation to the upending of consumer habits and regulations that changed the tobacco companies forever. One such money manager is the influential Larry Fink of BlackRock BLK, -2.29% who in his popularly followed annual letter declared sustainable investing “on the edge of a fundamental reshaping of finance.”
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