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5 ways to play oil under pressure

5 ways to play oil under pressure

Continued uncertainty in the oil sector presents opportunities to buy on weakness, CNBC's "Fast Money" traders said.

"[Oil's] bottom is probably still not in," trader Guy Adami said.

U.S. crude oil futures dropped to about $50 per barrel in late trading on Wednesday after the American Petroleum Institute reported oil inventories rose by more than 14 million barrels last week. The news followed an explosion at a California Exxon Mobil refinery that sent gas prices in the area higher.

Pump jacks and wells on the Monterey Shale formation in California
David McNew / Stringer | Getty Images News

Affected by investor reaction to Warren Buffett's Berkshire Hathaway cutting its stake in the oil company, Exxon closed down about 2 percent around $91 per share on Wednesday. If shares push lower, it could provide a buying chance under $90, trader Pete Najarian said.

Read MoreSoros bet on Devon Energy, Transocean ahead of oil price rise

Trader Karen Finerman agreed, adding that the stock would offer a good entry point if it falls even more.

Exxon weakness could bode well for Tesoro, Adami said. It closed Wednesday around $87 per share, and Adami believes it will move up to $100.

Trader Dan Nathan looked at Halliburton, which closed below $45 a share on Wednesday, as another play on oil uncertainty.

"If you get this back down on oil volatility, that's one I look to buy on weakness," he said.

Read MoreChicago trader: Oil to fall 6%, at least