NEW YORK (TheStreet) -- The crude oil price benchmark West Texas Intermediate fell 0.7% on Wednesday, a day before OPEC is scheduled to meet on Thursday. If OPEC decides not to cut production and oil still rallies, then a short-term bottom will be in, Jon Najarian, co-founder of optionmonster.com and trademonster.com, said on CNBC's "Fast Money Halftime" show.
The Energy Select Sector SPDR ETF (XLE) is made up of many companies like Exxon Mobile (XOM) and Chevron (CVX) , which have strong balance sheets and healthy dividends, said Josh Brown, CEO and co-founder of Ritholtz Wealth Management.
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The United States Oil ETF (USO) is near a 52-week low, which according to Stephen Weiss, founder and managing partner of Short Hills Capital Partners LLC, means that expectations are very low for OPEC to cut production. While he has no buy or sell order in place for the event, the risk-to-reward favors a rise in the price, he said.
Steve Grasso, director of institutional sales at Stuart Frankel, said $67 is the "ultimate support" price for crude oil Even if oil production is cut, it's unlikely to make much of a difference for oil prices. Energy stocks, especially E&P companies like Continental Resources (CLR) and Whiting Petroleum (WLL) , will likely head lower as a result.