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Actionable news in OXY: OCCIDENTAL PETROLEUM CORPORATION,

Temporary Dips in Oil Present Buying Chances for S&P Stocks, Cramer Says

Oil prices have rallied steadily since bottoming in February, and well before the markets opened Tuesday futures rose as high as $48.41 per barrel, their highest mark in 7 months.

The rising tide, along with a drooping dollar, may be be playing a role in a modest boost today for oil and gas related stocks such as ExxonMobil (XOM) , Chevron (CVX) and Occidental Petroleum (OXY) .

But what is absolutely apparent, according to Jim Cramer, TheStreet's founder and manager of the Action Alerts PLUS portfolio, which owns OXY, is the fact that oil is driving the S&P 500 Index , along with other markets.

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