Oil lottery Oil traders were making big bets amid geopolitical uncertainties, Bloomberg data shows, as 3 million barrels worth of options contracts snapped up by speculators.
While the move is largely seen as a Hail Mary, about 3,000 lots of June $250 call options in US crude oil traded for just 1 cent each on Tuesday—trades that Bloomberg likened to a lottery ticket due to the unlikely event that it would actually pay out. But certainly one that would pay out handsomely, if it paid out at all.