NEW YORK (TheStreet) -- Oil prices rebounded on Tuesday after having declined by more than 7.5% following the U.K.'s vote to leave the European Union last week, CNBC's Bertha Coombs reported Tuesday on "Fast Money Halftime Report."

It is short-term stabilization. Fourth of July weekend will result in higher demand for gasoline, diesel, and jet fuel that will support oil and refinery problems, Anthony Grisanti of GRZ Energy said on "Fast Money."

"This week I am a buyer. Next week, not so sure," Gristanti added.

Oil prices are  impacted by the function of the dollar and they will continue to fluctuate inside the range of $45 to $50, Jeff Kilburg of KKM Financial said on the show.

It is "naive to think volatility in equity, crude and currencies will abate as brexit is just getting into its own," Kilburg noted.

Crude oil (WTI) is higher by 2.05% to $47.28 per barrel this afternoon and Brent crude is gaining by 1.84% to $48.03 per barrel. 

The rise in oil prices is helping to boost the energy sector today, stocks including Oasis Petroleum  (OAS) - Get Report , Whiting Petroleum (WLL), and Denbury Resources (DNR) are all trading in positive territory today.