NEW YORK (TheStreet) -- Crude oil slid once again on Friday, making fresh five-year lows as the commodity plunged 4% to $57.34 per barrel. But despite the drop in oil prices it won't kill the stock market rally, Josh Brown, CEO and co-founder of Ritholtz Wealth Management, asserted during CNBC's "Fast Money Halftime" trading show.
Commodity selloffs haven't been rare during this multi-year bull market, he added. Consider that wheat and coffee declined 40% from the start of 2012, while gold and copper slid 40% from the start of 2011.
The oil selloff could have a negative impact on the market for a few days but won't have a lasting effect, said Jon Najarian, co-founder of optionmonster.com and trademonster.com. The S&P 500 is 3% off its all-time high, while oil is down 45% from its highs made this summer, he added, reasoning that stocks can continue higher despite the fall.
This is a "stealth stimulus" for oil-importing nations, he added, such as India, Japan, China and Europe.
While the stock market's seven-week winning streak will come to an end, there are some buying opportunities, according to Pete Najarian, co-founder of optionmonster.com and trademonster.com. Look at Costco Wholesale (COST) for example, which should benefit from increased consumer spending.
The bear case for oil is that global economies are in a deflationary environment and demand for crude is falling. But that's not the situation, says Jim Lebenthal, CFO and CIO of Lebenthal Asset Management.
The U.S. economy is going "gangbusters" and China and Japan will be huge beneficiaries of lower oil prices because they are such large importers, he added. On the flip side, Russian equities will be hurt.
How low can oil go? "It's hard to tell," said Charif Souki, co-founder and CEO of Cheniere Energy (LNG) . So far, production hasn't been stopped, which means oil can continue lower from here. Lower crude prices shrinks the cost benefit of its customers' decision to use liquified natural gas but it's only for the short term. In the long run, customers know LNG is a cheaper alliterative than crude.