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Here’s how to profit if oil falls to $40 in August

History suggests that if crude oil keeps falling, it's likely to take the whole stock market down with it, but there are a few places to hide out if the commodity tumbles through the key $40 per barrel level.

Crude fell to its lowest level in three months this week on concerns of global oversupply and a stronger U.S. dollar.

Using Kensho, a tool designed to quantify historical market events, we looked for which major ETFs gained when oil plunged 7 percent in one month's time. (A move of that magnitude right now would take prices below $40.)