Options Action: Oil

Oil prices rose Thursday as improvements were reported in retail sales and the housing market. Brent crude topped $90 a barrel.

So what's the best way to play the space?

With options, you could possibly double your money by July, said Brian Stutland of Stutland Equities. Consider his options play using the Oil Services HOLDRs exchange-traded fund:

***BRIAN'S OIH TRADE***
Buy July 130 call at $16.00
Sell July 145 call at $8.50
Pay $7.50 for call spread

***HOW BRIAN'S TRADE MAKES MONEY***
Break even is $137.50
Above $137.50 you profit all the way to $145
Losses are limited to $7.50 below 130
Max profit is $7.50 at 145
Attempt to double your money by July

To learn more about this trade, watch the video!

_____________________________________________________
Got something to to say? Send us an e-mail at [e-mail] and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment, but not have it published on our Web site, send those e-mails to [e-mail].

Trader disclosure: On December 2, 2010, following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders;
Joe Terranova Owns (FCX), (CMA), (UPL), (C), (PEP), (VRTS), (OXY), (GS), (POT), (AAPL), (NKE) and (OIH). Guy Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC) and (MSFT). Tim Seymour owns (AAPL), (BAC) and (F). Jon Najarian owns (AAPL), Is Short (AAPL) Calls. Jon Najarian owns (GS), Is Short (GS) Calls. Jon Najarian owns (JPM), Is Short (JPM) Calls. Jon Najarian owns (CME), Is Short (CME) Calls. Jon Najarian owns (TIF), Is Short (TIF) Calls. Jon Najarian owns (RIMM), Is Short (RIMM) Calls. Jon Najarian is long (AMZN) call spreads. Jon Najarian is long (IBM) call spreads. Jon Najarian is long (NFLX) call spreads. Jon Najarian is long (DE) call spreads. Jon Najarian is long (GT) calls. Jon Najarian is long (AA) calls. Jon Najarian is long (CMC) calls. Steve Cortes is short (XRT). Steve Cortes is long S&P 500. Steve Cortes is short (LVS). Steve Cortes is long (TSN). Steve Cortes is long USD vs. Mexican Peso, Australian Dollar, Euro. Steve Cortes is long U.S. 2-year Treasuries.

JOE TERRANOVA
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of (ALK)
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of (CCG)
Virtus Investment Partners Owns More Than 1% Of (CASS)
Virtus Investment Partners Owns More Than 1% Of (CSVI)
Virtus Investment Partners Owns More Than 1% Of (EPR)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (FCFS)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (KRC)
Virtus Investment Partners Owns More Than 1% Of (LDR)
Virtus Investment Partners Owns More Than 1% Of (LPHI)
Virtus Investment Partners Owns More Than 1% Of (MGRC)
Virtus Investment Partners Owns More Than 1% Of (NRCI)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (XLE)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLK)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (SUBK)
Virtus Investment Partners Owns More Than 1% Of (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of (CLB)
Virtus Investment Partners Owns More Than 1% Of (DRYS)

GUY ADAMI
Adami’s wife works at Merck

BRIAN KELLY
Accounts Managed By Kanundrum Capital Own (GLD)
Accounts Managed By Kanundrum Capital Own (GDXJ)
Accounts Managed By Kanundrum Capital Own (SLV)
Accounts Managed By Kanundrum Capital Own (JPM)
Accounts Managed By Kanundrum Capital Own (C)
Accounts Managed By Kanundrum Capital Own (FCX)
Accounts Managed By Kanundrum Capital Own (GT)
Accounts Managed By Kanundrum Capital Own (DE)
Accounts Managed By Kanundrum Capital Own (AAPL)
Accounts Managed By Kanundrum Capital Own (MON)
Accounts Managed By Kanundrum Capital Own (BG)
Accounts Managed By Kanundrum Capital Own (TBT)

SIMON BAKER
Baker Ave owns (AAPL) for clients
Baker Ave owns (C) for clients
Baker Ave owns (CML) for clients
Baker Ave owns (F) for clients
Baker Ave owns (GT) for clients
Baker Ave owns (LEN) for clients

JOE LAVORGNA
***No Disclosures***

PATRICK MCKEEVER
***No Disclosures***

ANTHONY SCARAMUCCI
Scaramucci and SkyBridge Capital owns (KIRK)

BRIAN STUTLAND
pending...

CNBC.com with wires.