Amid volatility, some possibly "oversold" exploration and production names may offer cheap entry points, said trader Steve Grasso. He looked to EOG Resources and Pioneer Natural Resources, which have shed more than 5 and 8 percent this year, respectively.
Read MoreWhy oil could revisit its lows and then some
If oil continues to fall, Baker Hughes shares could fall into an attractive range, said trader Dan Nathan. The stock looks appealing around $55 per share, about $5 lower than where it closed Tuesday.
Trader Guy Adami continues to believe refiners Tesoro and Valero will climb higher in a high volatility environment.
Dan is long JPM July put spread, TJX Aug put, TWTR, TWTR SEPT call spread, SO, INTC long July put, LVS long July Aug put spread, MSFT long July call fly and WDAY long July call fly. He is short SO Aug call. Today, he closed half of JPM and INTC put positions and closed CAT put spread.
Steve Grasso is long AAPL, BA, BAC, DD, DECK, EVGN, FIT, KBH, MJNA, PFE, PHM, T, TWTR and GDX. His firm is long OXY, NE, RIG, FCX, WYNN, AMD and MCD. His kids own EFG, EFA, EWJ, IJR and SPY.
Karen is long BABA, BAC, C, FINL, FL, GOOG, GOOGL, JPM, KORS, M and URI. She is short SPY. Her firm is long ANTM, AAPL, BAC, C, DIS, DRI, FBT, FINL, FL, GOOG, GOOGL, GPS, IBB, JPM, KORS, M, MU, SUNE, URI, XBI, KORS call spreads, URI calls, KORS puts, MU puts and SPY puts. Her firm is short IWM, SPY and MDY. Karen Finerman is on the board of GrafTech International.
Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.