Oil traders piled into more than 3 million barrels worth of options contracts in a bet that prices would spike to $250 a barrel by June as geopolitical risks remain elevated. About 3,000 lots of June $250 call options in US crude traded for a penny each on Tuesday, according to data compiled by Bloomberg. It was likely a “lottery ticket” that might pay off if prices spike to unheard of levels by the middle of next month, although the trade appeared to be paired with $25 put options, which could also signal a broader macroeconomic strategy, some traders and brokers said. Volumes of bullish oil options have skyrocketed ... (full story)