Alternatively, the PowerShares DB Oil Fund (NYSEArca: DBO) and United States 12 Month Oil Fund (NYSEArca: USL) provide exposure to WTI oil but include a different weighting methodology to limit the negative effects of contango. DBO can include contracts as far out as 13 months and dump contracts at any point. USL, on the other hand, ladders 12 months of contracts to diminish the effects of backwardation and contango.

Additionally, Attain Capital suggests buying the energy industry ETF, such as the Energy Select Sector SPDR (NYSEArca: XLE) to capitalize on a potential rebound since companies have other factors that don’t relate to oil prices. More aggressive traders can fuel bets with leveraged energy funds, like the Direxion Daily Energy Bull 3X Shares (NYSEArca: ERX), which takes the 300% performance of energy stocks on a daily basis. [Buying the Dip in a Big Energy ETF]

Investors can also look at the hammered alternative energy stocks, like Tesla (NasdaqGS: TSLA), which has been out of favor since lower oil prices make green energy plays seem less viable. The Market Vectors Global Alternative Energy ETF (NYSEArca: GEX) and the First Trust NASDAQ Clean Edge Green Energy Index Fund (NasdaqGS: QCLN) both include heavy tilts toward TSLA and other clean energy picks. [Cheap Oil Saps Tesla, Alternative Energy ETFs’ Vigor]

For more information on the oil market, visit our oil category.

Max Chen contributed to this article.