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Trading the oil rally: 4 names to watch

U.S. crude oil extended its strong run Wednesday, and "Fast Money" traders picked the best ways to play the commodity's climb.

WTI futures settled at $49.56 a barrel, up 94 cents. They have now risen more than 20 percent this year.

Amid the climb, some traders looked to oilfield services stocks. Trader Tim Seymour said some companies will go back to capital expenditures and projects with prices higher.

He contended Schlumberger's stock could rise. Its shares have risen nearly 12 percent this year, almost in line with the S&P 500 energy sector.

Trader Steve Grasso said he would play services companies more broadly with the PHLX Oil Service index. It has climbed about 6 percent this year.

Oil prices will likely fall again in the long run, contended trader Brian Kelly. However, he believes they could rise more in the short term, and he would make a "quick trade" in the SPDR S&P Oil and Gas Exploration and Production ETF. The fund is up 18 percent this year.

Trader Guy Adami also called National Oilwell Varco "really interesting." Its shares have dipped more than 2 percent this year.

Disclosures:

Guy Adami

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

Steve Grasso

Steve is long BA, CC, DD, DIS, EVGN, KBH, MJNA, MU, OLN, PFE, PHM, T, TWTR, GDX firm long AAPL, CVX, OXY, RIG Steve's kids own EFA, EFG, EWJ, IJR, SPY

Brian Kelly

Brian Kelly is long Bitcoin, US Dollar; he is short Australian Dollar, Euro, EWA, EWH, FRC, Hong Kong Dollar, IWM, Yuan Short: SPY and S&P 500 Futures

Tim Seymour

Tim Seymour is long AAPL, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, GLNCY, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. Tim's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM, WYNN, XRT