Kensho Stats

History shows these are the 2 best trades for this oil rally

Russia oil
Sergei Karpukhin | Reuters

WTI crude is back above $50 a barrel after Vladimir Putin said Russia is ready to join the OPEC production cap. Saudi Arabia's energy minister said Monday morning that $60 a barrel this year would not be "unthinkable." So how should you trade it?

Using Kensho, an analytics tool used by hedge funds, CNBC PRO looked back at all the times in the last decade when oil surged by $10 in three months to see how members of the S&P 500 performed. Here are the results:

So history suggests traders should buy oil exploration companies Pioneer Natural Resources and Concho Resources, while shorting the airlines.

Note: We first shared these results in our morning PRO Playbook email. Make sure you check your inbox for exclusive early content before we put it on the website.

Disclosure: NBCUniversal, parent of CNBC, is a minority investor in Kensho.