(Bloomberg) -- Brent oil is taking a fresh run toward $90 a barrel, a move that could bring a raft of options into the money.
About 10,000 March $90 calls are expiring on Wednesday. If the global benchmark closes below that key marker they’ll be worthless, but if it settles above that line, then they’ll pay out. It’s a binary risk to prices and could spur volatility into the day’s close.
READ: Oil Rallies Toward $90 With Inventories Due and Markets Gaining
The contracts are a reminder of the way in which traders have been using the options market to wager on higher oil prices. Though the volume of contracts at $90 is limited, there are tens of thousands that have been bought to profit from a rise above $100.
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