If you think oil will bounce back, here are the best ways to play the bet, according to pros

Oil workers moving a drill on a rig in Texas.
Fuse | Getty Images

(This story is for CNBC PRO subscribers only.)

Oil prices are at historic lows, and for those who believe a rebound is coming, energy sector experts say there are a number of ways to play the upside.

This includes commodity-focused exchange-traded funds, as well as funds that track the broad energy industry in addition to more specialized ones that focus on particular parts of the ecosystem. There are also, of course, individual stocks.

Investors can bet on the future price of oil directly by trading West Texas Intermediate crude contracts tied to a future delivery date, although experts typically advise against this. The derivatives market can be tricky even for pros, and during times of wild swings — like the present — investors could potentially expose themselves to steep losses.

"The crude situation remains dicey at best, and for retail investors it comes down to two things: Risk and reward. By trading the crude market now, you might get a small reward, but risk is off the charts," JJ Kinahan, TD Ameritrade's chief market strategist, told CNBC.

"If you're tempted to trade crude now, ask yourself if you feel comfortable rushing into a burning building when the firemen can't put out the flames," he added.

But there are many other ways to bet on a rebound. Here's what the pros advise: