Oil Options Traders Buy Record Bullish Contracts Amid OPEC Moves
- More than 300 million barrels of call options traded Tuesday
- Investors seen positioning for higher prices early next year
OPEC Expands Push to Secure Production Cut Deal
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Oil investors traded a record number of bullish options contracts for benchmark U.S. crude, a signal that the market is positioning for a potential OPEC deal to limit production and boost prices.
The total volume of calls giving investors the right purchase West Texas Intermediate crude rose to the equivalent of 303 million barrels on Tuesday, according to preliminary CME Group Inc. data compiled by Bloomberg. That far exceeded a prior record of 221 million, set five and a half years ago. The heaviest trade was concentrated in the first half of next year, with several individual contracts setting all-time highs.