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Power Play: Take advantage of low oil prices

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Energy stocks have been out of favor since the sharp drop in oil prices over the past year, but that sentiment may soon change.

Two strategists tell CNBC's "Power Lunch" on Monday it's time to get back into energy.

"Forecasts of increased global production (primarily U.S.) and declining global demand (Russia, Europe, Asia) are somewhat overstated. Prices between $60 and $70 are statistically consistent with the levels of global demand/consumption and global production," said Hugh Johnson, chairman of Hugh Johnson Advisors.

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If oil prices recover, Johnson sees oil and gas equipment and services companies performing well. He likes Halliburton, Baker Hughes and National Oilwell Varco.

For long-term investors, Jerry Castellini, president and chief investment officer at CastleArk Management recommends EOG Resources. Castellini believes it is important to own companies with exposure to shale oil producers.

Halliburton and Baker Hughes are trading higher on Monday, while National Oilwell Varco and EOG Resources are lower.