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Big money: Oil to fall more, but energy stocks OK?

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$60 oil changes everything: Pro

Private money managers who invest in energy think the price of oil will continue to fall—even as crude hit a five-year low on Tuesday—but some still see opportunity in related companies.

"Oil is going to a new price point because of the revolution in production," said Bill Perkins, chief investment officer of energy-focused hedge fund firm Skylar Capital Management.

Perkins believes the price of crude could fall as low as $45 a barrel. He is personally short, a bet that the price of the commodity will drop. He believes oil will settle between $45 and $80 a barrel in the next year.

At the same time, Perkins is individually invested in an undisclosed oil-related business—Skylar focuses on natural gas—as he believes owning strong companies in the sector is a good bet because of continued demand and cheaper production.

"Companies are harnessing amazing new technology to destroy the traditional energy value chain," Perkins said. "There's a lot of money to be made on that."