Cramer Still Bullish On Oil (COP, CVX)

Jim Cramer has been adding to his energy positions over the past few days because he, again, feels oil has bottomed. Today, Cramer alerted his ActionAlertsPlus.com subscribers to some new purchases he made in ConocoPhillips (NYSE: COP) and Chevron (CVX).

Cramer's thesis on oil is basically OPEC production cuts, rig shutdowns, and Chinese demand will stabilize oil prices. If that happens, oil stocks will likely rise and he says ConocoPhillips is the most levered to the commodity in his portfolio.

Cramer bought a 100 shares of ConocoPhillips because he likes that it only trades at 4.8 times '09 cash flows and offers a handsome 4.7% yield. After today's trade in ConocoPhillips, Jim now owns 2,300 shares of COP.

Additionally, he bought a 100 shares of Chevron. He said Chevron is a highly-diversified oil company with "above-average production growth that now carries an attractive 4.1% yield", said Cramer. He now owns 1,300 shares of Chevron.

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