As Oil Plumbs New Depths, Someone Sees $80 a Barrel by December
- Investor takes options for 10 million barrels of Brent crude
- Transactions coincide with Brent hitting lowest since November
MercBloc's Dicker Says Negativity Controls Oil Market
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As Brent crude oil closed on Wednesday at its lowest level since before OPEC and other nations agreed to cut output, someone bet half a million dollars on prices surging to $80 by year-end.
Options to buy 10 million barrels of Brent crude for $80 a barrel in December traded Wednesday, far exceeding the next-largest contracts, according to exchange data compiled by Bloomberg. Placed in two trades, the transactions were especially large given they were to purchase crude at 66 percent above the day’s closing price.