Traders looked to plays on the threat of more supply taking down prices even more. Refiners Tesoro and Valero look appealing, as they benefit from a rising spread between WTI and Brent crude, which rose Friday.
Both stocks have climbed more than 30 percent this year. Trader Josh Brown added that Tesoro could eventually hit $120 per share, up from about $98 where it closed Friday.
Read MoreBoone Pickens: Why I'm standing by $70 oil by year end
Falling oil prices also benefit airlines, as gas is a huge cost for carriers. JetBlue—which has risen more than 36 percent this year—could go even higher, Brown said.
Delta Air Lines—which closed nearly 5 percent higher Friday—looks appealing as a possible trade, Kelly added.
JPM July put spread, TJX Aug Put, TWTR, TWTR SEPT call spread, SO, INTC July put, LVS July Aug Put Spread, PG Aug Put, COST Aug put spread, WDAY July call fly, BA Sept put; he is short SO Aug call. Today he bought BA Sept put.
Long AAPL, DE, DNKN, EBAY, FSLR, JMBA, SAM, SHAK, SPWR, TNET, TWTR, XLE, XON.
Brian Kelly is long BBRY, BTC=; TAN, TLT, TSL, Canadian Dollar, Euro; Yuan, and Yen. Today he bought TSL.
Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.