Trader Tim Seymour saw promise in a European oil play. He looked to French company Total on the euro's weakness against the dollar, which could boost its global competitiveness.
"This is a good long-term play," he said.
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Petrobras, an emerging market oil name suffering through low crude prices and a corruption investigation, also looks appealing, Seymour said. The Brazilian giant has been "one of the worst investments to make" in the last few years.
However, as U.S.- traded shares of Petrobras have shed 50 percent in the last year to fall to $5 per share, he believes its tribulations are already priced in.
Trader Brian Kelly believes sluggishness in the wider Brazilian markets has been priced in, as well. Its currency, the real, has taken a dive as political unrest stirs.
Kelly took a short position in the iShares MSCI Brazil Capped ETF in the last few months and said he might cover his short "in the next week or so."
Tim Seymour is long T, BAC, C, DIS, F, GE, GM, GOOGL, INTC, EWZ, PBR and SUNE. Tim's firm is long BABA, BIDU, MCD, NKE, NOK and SBUX.
Steve Grasso is long BA, CLVS, EVGN, FB, GDX, GOOGL, IMMR, KBH, KDUS, MHY, MJNA, PFE, POT, SO, T, TMUS and TWTR. He sold his AAPL position. His firm is long IBM, EOG, NE, NEM, OXY, RIG and VALE. His kids are long EFG, EFA, EWJ, IJR and SPY.
Brian Kelly is long BTC=, U.S. dollar, GLD, CTRL calls, HYG puts, BBRY, BBRY call spreads and TLT. He is short EWA, EWG, EWQ, EWZ, EWW, JJC, Canadian dollar, yen and yuan. Today, he shorted the Canadian dollar.
Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.