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6 ways to play oil's bounce

After taking a beating for months, oil seems to have found its footing, at least temporarily.

Both WTI and Brent crude have pared losses to mount a climb in recent sessions. U.S.-traded WTI on Monday hit its highest level in nearly a month.

As investors try to determine where oil will bottom, CNBC's "Fast Money" traders looked at how to trade its mini-rally.

"I still feel further downside is ahead," said trader Guy Adami.

Oil
Lucy Nicholson | Reuters

Adami saw uncertainty in big oil names. ExxonMobil shares moved about 2.5 percent higher, just below $90 per share, after a mixed earnings report on Monday.

Read MoreExxonMobil earnings beats, but revenues trail

The stock should continue to hit "lower lows and lower highs" and top out around its current level, Adami said. Trader Steve Grasso stressed that oil inventories should see a "huge glut," keeping prices low and affecting refiners including ExxonMobil and Valero, which jumped nearly 3 percent on Monday.

While she said that she had "definitely not picked the bottom," trader Karen Finerman looked at April calls in offshore driller Seadrill, which jumped more than 10 percent on Monday.

Read MoreLooks like a bottom in oil: Strategist

Trader Tim Seymour noted than airlines had been struggling before oil, a key operating cost, started to rise. Delta Airlines went "back near the bottom of a range" where it looks appealing, he said.

Disclosures:

Karen Finerman

Karen Finerman is long BABA, BAC, C, CVS, FINL, FL, FRO, GOOG, GOOGL, JPM, KORS, M, MTW and NAP. She is short DIA. Her firm is long AAPL, BAC, PLCE, C, CMLS, CVS, DIS, DRI, FBT, FINL, FL, GOOG, GOOGL, GPS, IBB, JPM, KORS, M, MTW, NNA, NAP, SUNE, URI and XBI. Her firm is long calls BAC, C, DIS, JPM and SUNE. Her firm is short SPY, USO and IWM. Karen Finerman is on the board of GrafTech International.

Steve Grasso

Steve Grasso is long AAPL, BA, CLVS, EVGN, FB, GDX, GOOGL, IMMR, KBH, KDUS, MHY, MJNA, NVIV, PFE, POT, SO, T, TMUS, TWTR and YHOO. His firm is long USO, FCX, NE, NEM, OXY, RIG and VALE. His kids are long EFG, EFA, EWJ, IJR, SPY.

Tim Seymour

Tim Seymour is long AAPL, BAC, BX, C, DIS, EEM, F, GE, GM, GOOGL, INTC and SUNE. Tim's firm is long BABA, BIDU, CCU, DSKY, KNDI, MCD, NKE, NOK, SINA, SBUX, TSL and VIP.

Guy Adami

Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.