Options Traders Making Bearish Bets on Oil ETF

Options traders have targeted the iPath S&P GSCI Crude Oil Total Return ETF

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 (

) 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.