Options traders bet on oil prices rising to $250

Oil traders bought more than 3 million barrels of crude oil options contracts, betting that oil prices would soar to $250 a barrel by June as geopolitical risks remain high. The data showed that about 3,000 June call options on U.S. crude oil with a strike price of $250 were traded, with a unit price of one cent. Some traders and brokers say it’s likely to be a “lottery” deal that could win if the price soars to unheard-of levels by the middle of next month, but the deal also appears to be paired with a $25 put options, so it could also be a macro strategy trade.