62 Million Barrels of Worthless Oil Options Become Gold Mine
- Oct. calls were suddenly in the money just before expiration
- West Texas Intermediate crude jumped above $60 in early trade
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Some 62 million barrels of October call options on West Texas Intermediate crude -- that were set to expire worthless on Tuesday -- were suddenly in the money after prices spiked on the open.
As of Friday, there were 61,577 outstanding calls with strike prices ranging from $55 to $60 a barrel, higher than the $54.85 a barrel settlement.