After oil's slide continued Monday, "Fast Money" traders debated whether energy companies would see relief any time soon.

U.S. crude futures settled nearly 6 percent lower on the day at $31.62 a barrel. The commodity's price has fallen nearly 18 percent this year, but trader Guy Adami believes it could slide even more.

He pointed to the CBOE Crude Oil Volatility Index, which spiked nearly 8 percent on Monday and has increased 43 percent this year. The index measures market expectations for crude oil volatility.

"The OVX still suggests there's further pain to the downside," he said.

Adami's assessment came after oil industry veteran and BP Capital Management founder T. Boone Pickens told CNBC that oil could soon find a bottom near $26 per barrel, then double from there within a year. Pickens has made multiple bullish oil calls as oversupply has helped to keep prices lower in the last year.

But commodities commentator Dennis Gartman rebutted Pickens on "Fast Money" on Monday, saying oil's recovery is likely still far away.

However, any kind of supply cut from producers could give energy companies relief, said trader Tim Seymour. He looked to Anadarko Petroleum, which on Monday reported a fourth-quarter loss of $1.25 billion.

Its shares have fallen 21 percent this year, but it could get a boost from supply reductions, Seymour contended.

Exxon Mobil is expected to see revenue and profit plunge year over year when it reports fourth-quarter earnings on Tuesday. Trader Dan Nathan contended that its shares could also rebound on supply cuts.

Exxon shares have fallen 2 percent this year but have shed less of their value than the .

Disclosures:

Tim Seymour

Tim Seymour is long AAPL, BAC, DO, FCX, GOOGL, INTC, JCP, NKE, T, TWTR, XOM. Tim's firm is long BABA, BIDU, IWM, KO, PEP, SAVE, SBUX, VALE, WMT, YHOO, short HYG, IWM.

Karen Finerman

Karen is long BAC, C, FL, GOOG, GOOGL, JPM, LYV, KORS, M, SEDG, SPY calls, URI, she is short SPY. Her firm is long ANTM, AAPL, BAC, C, C calls, FINL, FL, GOOG, GOOGL, JPM, KORS, LYV, M, MOH, NRF, PLCE, URI, her firm is short IWM, MDY, SPY. Karen Finerman is on the board of GrafTech International.

Dan Nathan

Dan is long WMT Feb put spread, long PFE buy-write, long TWTR, long TLT Apr risk reversal, long XLP put spread, long XOM Feb put spread.

Guy Adami

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