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"I do think that oil is probably going to turn around and probably head back down again," he said.
Trader Guy Adami believes the volatility will bring "another leg down." Even if Thursday doesn't start a rally, "Fast Money" traders see opportunities in the current oil environment.
Some traders discussed moves in oil stocks. Trader Tim Seymour touted French company Total, which gets "the currency tailwind for the euro."
In fact, the stock has jumped about 19 percent in the last year.
Finerman also noted that the Market Vectors Oil Services ETF could be a strong oil play outside of pure stocks or oil itself.
Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.
Karen Finerman is long BABA, BAC, C, FINL, FL, GOOG, GOOGL, JPM, M, MTW, MA, KORS and SDRL. She is long calls C. She is short DIA. Her firm is long ANTM, AAPL, BAC, PLCE, C, CMLS, DIS, FINL, FL, GPS, GOOG, GOOGL, IBB, JPM, M, MTW, KORS, OAK, PSG, SDRL, SUNE and XBI. Her firm is long call C spreads, long calls JPM spreads and long calls SDRL. Her firm is short IWM, SPY and USO. Karen Finerman is on the board of GrafTech International.
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 FCX, NE, NEM, VALE, RIG and OXY. His kids are long EFG, EFA, EWJ, IJR and SPY.
Tim Seymour is long AAPL, BAC, BX, C, DIS, F, GE, GM, GOOGL, INTC and SUNE. Tim's firm is long BABA, BIDU, BX, CCU, DSKY, KNDI, MCD, NKE, NOK, SINA, SBUX, TSL and VIP.