Traders Place Bets On $250 Oil

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. The trades, according to Bloomberg, were apparently paired…