London: Oil prices may increase to US$80 a barrel this year, options contracts on the New York Mercantile Exchange show. Investors are speculating the Organisation of Petroleum Exporting Countries (Opec) would not produce enough oil to compensate for any disruption to supplies.
New York Mercantile Exchange data show 6,900 options contracts outstanding that allow buyers to purchase oil for December delivery at US$80 a barrel, compared with an average of 77 contracts in January.
There is a 21% chance that oil will top US$75 when the December contract expires, according to Adam Sieminski and Michael Lewis, strategists at Deutsche Bank AG.
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