Mexico is in the process of locking in its income from next year’s oil production, people familiar with the matter said, in what’s one of the most closely watched deals among the world’s energy traders. The country has been purchasing put options, which grant the right to sell at a predetermined price, at a price range of about $60 to $65 a barrel, the people said, asking not to be identified because the trade is private. The oil hedge, a multibillion-dollar deal which typically covers 200 million to 300 million barrels, is so large it often roils the market. Mexico’s Finance Ministry declined to comment. Mexico has taken unprecedented steps over the last two years to keep details the hedge secret as the government fears that any information surrounding the deal could allow traders to front-run it, increasing the cost. Although Mexico first hedged its oil revenue during the […]