Options Traders Making Bearish Bets on Oil ETF
Options traders have targeted the iPath S&P GSCI Crude Oil Total Return ETF (NYSE: OIL) on Tuesday, buying puts to express a bearish thesis on the oil market. The ticker has seen 1,846 put options trade, with 92% of the activity taking place at the ask price. Put volume is running at more than 4.5 times the daily average in the ETF, which has lost 2.75% to $25.45 on the session.
The S&P GSCI Crude Oil Total Return Index reflects the returns that are potentially available through an unleveraged investment in the West Texas Intermediate (WTI) crude oil futures contract plus the Treasury Bill rate of interest that could be earned on funds committed to the trading of the underlying contracts.
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