U.S. crude oil prices fell Tuesday, and "Fast Money" traders discussed how they would play a continued slide in the commodity.

"Here, at these levels, I'm more inclined to be a seller than a buyer of crude oil," said trader Guy Adami.

U.S. crude settled 0.47 percent lower, or 23 cents, at $49.10 a barrel, after hitting a seven-month high above $50 on Thursday. If oil starts to fall again, it could send the CBOE Crude Oil Volatility Index higher, Adami added.

The index has fallen 18 percent this year amid an 18 percent climb in WTI crude futures. However, it popped nearly 6 percent on Tuesday.

Traders bearish on crude could also bet against the Energy Select Sector SPDR Fund, said trader Dan Nathan. The fund is up nearly 11 percent this year.

Disclosures:

Guy Adami

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

Karen Finerman

Karen is long BAC, C, DRII, DRII calls, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, KORS, KORS puts, WIFI long call spreads, M, MA, SEDG, SPY puts, URI. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, KORS puts, LYV, M, MOH, PLCE, SPY puts, URI, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International.

Pete Najarian

Long AAPL, BAC, BMY, CSCO, DIS, DISCA, GE, KMI, KMI.A, KO, LUX, MRK, PEP, PFE, SAVE, VIAB, ZIOP Long Calls: AAL, ABBV, AKS, AMJ, C, CSX, EGO, EWZ, GLW, GS, GSAT, HAL, HBAN, KGC, LLY, MDLZ, MSFT, MT, MU, NLNK, POT, SLV, SVU, TMUS, UAL, X, YHOO Long Puts: BID, FCX, NAV, PBR, VLO

Dan Nathan

Long PFE Long TWTR, GE long May 28 puts XHB long June put spread IWM long Sept 100 put XLB long June put spread XLF long May/ Sept Put spread HYG long June put spread XLK long Sept Put spread FXI long aug put spred SMH long aug put spread, KO june / aug put calendar, long UA call calendar, long PYPL call calendar, long TLT Sept risk reversal, XLV july calls