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Traders look for opportunities to jump into oil rally after OPEC deal

The "Fast Money" traders debated how to invest in the energy sector as oil rallied on the back of an OPEC production limit agreement on Wednesday.

Trader Guy Adami said oil prices and companies like Anadarko Petroleum could continue to see gains through the rest of the week. He said the refiners "are probably dead money for a little bit."

Trader Karen Finerman agreed and said there's probably more room to run for Anadarko.

Trader Tim Seymour said investors should look for companies with "impaired balance sheets because they're the ones that have the most to gain." He said it's probably better to avoid big integrated oil companies. Instead, investors should look at the VanEck Vectors Oil Services ETF, Seymour said.

Trader Brian Kelly also said that the oil services ETF is a good choice. He said it's "the greatest risk-reward in the oil space out there right now." He said if the ETF dips below $26, it would be a great buy. It closed at $28.10 on Wednesday.


Disclosures:

TIM SEYMOUR

Tim Seymour is long APC, AVP, BAC, BBRY, CLF, DO, DVYE, EDC, EWZ, F, FB, FCX, FXI, GM, GOOGL, GE, INTC, LQD,MCD, PG, RACE, RAI, RH, RL, SINA, T, TWTR, VALE, VZ, XOM and short: SPY, XRT. His firm is long ABX, BABA, BIDU, CBD, CLF, EWZ, F, HD, KO, MCD, MPEL, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, X, YHOO, and short EWG, HYG, IWM

KAREN FINERMAN

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

BRIAN KELLY

Brian Kelly is long Bitcoin, CME, DXJ, GDX, KBE, SLV, TLT, XLF, XLRE XOP, WTI, US Dollar UUP; he is short the euro and the Japanese yen.

GUY ADAMI

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