Some option players are betting on WTI price bounce

As West Texas Intermediate (WTI) oil price crashed below zero on Monday, some investors bought call options on hopes that the unprecedented rout could be followed by a medium-term bounce.

The United States Oil Fund LP, the largest U.S. crude exchange-traded fund, traded 3.5 million options contract on Monday, of which around two-thirds contracts were of call options - bullish wagers used to protect against upside moves, according to Reuters. 

Notably, the biggest individual trade was a purchase of 18,514 July calls for 6 cents each that could be exercised, or redeemed for USO shares if the fund rises above $8. As of Monday, the fund value was $3.75. 

While trading volumes in call options spiked on Monday, the implied volatility for put options or bearish bets was still higher than that for calls.