Commodities
Traders Bet On $100-a-Barrel Oil as Middle East Risks Escalate
- Almost 27 million barrels of Brent $100 calls traded
- Some are hedging against price spike, others covering position
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A flurry of crude options that pay out if prices rally to $100 a barrel traded Wednesday, a sign some traders are looking to hedge against the risk of supply disruptions in the Middle East.
The equivalent of almost 27 million barrels of Brent December $100 calls traded by 11:20 am in New York while more than 7 million barrels worth of US crude December calls changed hands.