The decision by the Organization of the Petroleum Exporting Countries and allies last week to cut oil production has spurred a flurry of activity in the options market – but with more U.S. bettors opting for a bearish stance, data from CME Group showed. OPEC+, as the group is known, decided on Wednesday to cut its target by 2 million barrels per day (bpd), including voluntary production curbs by Saudi Arabia and other nations. Oil futures have risen over 7% since to five-week highs, as the move was seen as putting a floor under the market. However, the U.S. oil options market skewed toward buying of put options, used to either bet on or protect against downside movement. There are several reasons why this can happen, including worry about weaker demand, or because the cheapness of those options made it an opportune time […]