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Cramer: Drop in oil inventories signals a treacherous market

The market's reaction to oil inventories on Thursday told Jim Cramer that it really only has the ability to focus on one bullish idea at a time and dumps everything else.

"When you have a market that decides only one thing is working, and it doesn't bother with anything else, you have a market that is a lot more treacherous than it seems," the "Mad Money" host said.

The price of crude shot up on Thursday after oil inventories indicated a large drawdown of 14.5 million barrels.

"This was the mother of all inventory declines, the largest since 1999 and the second biggest in history," Cramer said.

Cramer heard over and over again previously about the massive glut in oil. It seemed to him that no one saw the reduction in inventory coming, and...