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Bets on $250 Oil Rise as Traders See Saudi, Suez Risk

Investors increased bets that oil prices may surge to as much as $250 a barrel on concern the unrest in Egypt will disrupt traffic in the Suez Canal and spread to Saudi Arabia.

Open interest in the $250 call option for December, which give the buyer the right to purchase oil futures on the New York Mercantile Exchange at that price, climbed to 242 from 142 on Feb. 1 and stayed at that level yesterday. The most active options yesterday were the March and December $100 calls followed by the December $120 call.