Puts Purchased on The DB Crude Oil Fund (DBO)

The POWERSHARES DB OIL FUND (NYSE: DBO) is trading higher on the session by 0.34%, currently at $23.84. The ETF has been trading lower, along with Crude Futures, for the past five weeks. Though it has found a bit of support as of late, options traders are buying puts on the name today. The October $23 put was purchased on the offer 2,000 times for $1.80; open interest on the strike is only 343 contracts, signaling new, bearish positioning. Put volume is running at 8.48x the daily average. The POWERSHARES DB OIL FUND seeks to track the price and yield performance, before fees and expenses, of the Deutsche Bank Liquid Commodity Index - Optimum Yield Oil Excess Return. The index is a rules-based index composed of futures contracts on Light Sweet Crude Oil (WTI) and is intended to reflect the performance of crude oil.