Oil prices have dropped dramatically as hopes fade that OPEC, the crude producers’ cartel, will agree to reduce output. As you can see from this 3-year, weekly candle chart, the price has pulled back $17 from the highs in June. Most of the selling has been triggered by fear that overproduction could cause a drop in industrial demand. For option traders, this is an opportunity to get into a long-term position without having to spend a lot of money.
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