​USO Puts Tapped As Oil Moves Lower

Short-term put options on United States Oil Fund (USO) were active on Wednesday as market participants positioned for a short term decline in crude oil as the commodity fell to a six-year intraday low on Monday. Market participants, however, point to the general consensus of oil being range-bound over the longer term, opening opportunities for investors to monetize skew as option prices become increasingly unattractive in USO.