Economics
Oil at $120 Now Biggest Bet as Futures Leave Forecasters Behind
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The biggest bet in the oil market has become a 20 percent increase to $120 by the end of the year as global growth drives demand for raw materials.
The number of contracts held by traders in options to buy West Texas Intermediate crude at $120 a barrel in December totaled 45,502 lots on the New York Mercantile Exchange as of July 21, 4,226 lots more than the next-highest wager, which is for $125. Open interest in the two contracts jumped 29 percent in the past four weeks, according to data compiled by Bloomberg.