Oil volatility rising - calls in demand

Gold and WTI Crude oil saw mixed interest from options traders during the past week. While the dramatic spike in oil prices last Friday sent volatility higher, the relative calm in gold markets and the move back to the middle of its current range resulted in traders selling both tails as the risk of a breakout once again subsided.

The big story however was the spike in crude oil which triggered rising demand for calls with out of the money (OTM) rising strongly while seven of the ten most traded strikes were calls.

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