5 ways to play oil under pressure

Continued uncertainty in the oil sector presents opportunities to buy on weakness, CNBC's "Fast Money" traders said.

"[Oil's] bottom is probably still not in," trader Guy Adami said.

U.S. crude oil futures dropped to about $50 per barrel in late trading on Wednesday after the American Petroleum Institute reported oil inventories rose by more than 14 million barrels last week. The news followed an explosion at a California Exxon Mobil refinery that sent gas prices in the area higher.

Pump jacks and wells on the Monterey Shale formation in California
David McNew / Stringer | Getty Images News
Pump jacks and wells on the Monterey Shale formation in California

Affected by investor reaction to Warren Buffett's Berkshire Hathaway cutting its stake in the oil company, Exxon closed down about 2 percent around $91 per share on Wednesday. If shares push lower, it could provide a buying chance under $90, trader Pete Najarian said.

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Trader Karen Finerman agreed, adding that the stock would offer a good entry point if it falls even more.

Exxon weakness could bode well for Tesoro, Adami said. It closed Wednesday around $87 per share, and Adami believes it will move up to $100.

Trader Dan Nathan looked at Halliburton, which closed below $45 a share on Wednesday, as another play on oil uncertainty.

"If you get this back down on oil volatility, that's one I look to buy on weakness," he said.

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