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Oil Tumbling in Options on OPEC Quotas, U.S. Demand

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"OPEC violating production quotas at the same time as demand from industrialized nations stagnates is spurring bets in the oil market that the 13-month rally in crude is coming to an end," according to Bloomberg. "Options that profit if prices fall in the next month are 24 percent higher than wagers oil will rise. Open interest in June $50 and $60 puts to sell at those levels exceeded 129,000 contracts on April 15, dwarfing the 49,000 bets on $100 a barrel. Puts account for about 55 percent of all June options contracts compared with 51 percent a year earlier."
SOURCE:   Bloomberg