×

New low ahead for oil? Here's how to trade it

A worker at the Nahr Bin Umar field, Iraq.
Essam Al-Sudani | Reuters
A worker at the Nahr Bin Umar field, Iraq.

The sharp drop in crude oil prices Friday could be positive for a group of stocks, if history is any guide.

Futures on WTI crude oil plunged below psychologically important mark of $40 per barrel, after sources said OPEC had agreed to maintain crude production quotas in order to retain its market share.

With more oversupply in the horizon, investors have run up large short positions in the commodity over the past few weeks, betting that it will fall to its 2015 low of about $37 a barrel.

So which stocks will benefit if crude makes that move lower next week?

Using data from Kensho, a tool designed to quantify historical market events, CNBC Pro ran a study to find the stocks that tend to perform the best when oil declines 5 percent in one week.

Here's what we found: