Kelly pointed to oil services stocks, such as Baker Hughes and Halliburton, as having upside on a price increase. He noted that a continued slow in the decline of U.S. rig operations could help both of those names.
Both Baker Hughes and Halliburton have climbed more than 15 percent this year.
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Shares of refiner Tesoro—which has also jumped more than 15 percent this year—looks "cheap on valuation," said trader Guy Adami. He called $85 per share, just below where the stock closed Tuesday, "critical support."
Trader Pete Najarian added that the Market Vectors Russia ETF, which has exposure to the country's oil industry, is "worth looking at."
Long AMAT, AAPL, BABA, BAC, BMY, BP, CSX, DISCA, DKS, FOXA, GE, KKR, KO, LLY, MBLY, MRK, PEP and PFE. He is long calls AAL, AAPL, BBY, BMY, C, COP, DAL, EBAY, EEM, EMC, F, GE, GS, HPQ, IMAX, LEN, MT, NEE, PFE, SYY, TEVA, TJX, UAL, UPS, VZ, WSM, XLF and ZIOP. Today he bought HPQ calls and ZIOP calls.
Steve Grasso is long AAPL, BAC, DD, DECK, EVGN, MJNA, PFE, T, TWTR and GDX. His firm is long ACI, DVN, AMD, FCX, AMZN, NE, NEM, OXY, RIG, TSE and VALE. His kids own EFG, EFA, EWJ, IJR and SPY.
Brian Kelly is long DXGE, BTC=, BBRY and U.S. dollar. He is short DAX, Australian dollar, Canadian dollar, euro, yen and yuan and WTI crude oil.
Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.