The Brent crude oil options market is showing a definite split between the optimists and the pessimists this week, but it would seem the bulls are starting to gain the upper hand. The benchmark September Brent futures contract has risen by around 1.3 percent so far this week and on Thursday was up 66 cents on the day at $48.45 a barrel, having fallen from a one-month high of $49.90 a barrel on Tuesday. The most-actively traded options for September so far this week have been upside calls at $55 a barrel and downside puts at $45. Both contracts have seen around 12,000 lots change hands since last Thursday, based on Reuters data. Calls give their owner the right to buy Brent crude futures at a set price, by a certain date, while puts give the holder the right to sell them. Implied volatility, one gauge of how much […]