Options on $200 oil by Dec have tripled since Jan

By Robert Campbell

NEW YORK, May 6 (Reuters) - The number of options positions betting on oil reaching $200 a barrel has tripled since the start of the year as prices have kept surging to fresh peaks, according to Reuters data.

Open interest in December $200 crude oil call options CL2000L8 has surged from 5,533 contracts on Jan. 1 to 16,774 contracts as of May 5.

Over the same period U.S. crude oil futures Clc1 have risen 25 percent to record highs near $120 a barrel.

Call options give the holder the right but not the obligation to purchase the underlying crude oil futures contract at the strike price.

Large bets in call options are viewed as bullish as they signal investors are trying to anticipate an upward move in the price of the underlying security.

Options to buy December crude at $200 a barrel have not risen sharply in price, however. The contract settled at 44 cents a barrel on Monday, down from the contract high of 55 cents a barrel.

December $120 calls CL1200L8 are trading at rich premiums near $10 a barrel, however, meaning an investor who bought this call contract and intended to exercise it would not make money until crude oil prices surpassed $130 a barrel. (Editing by David Gregorio)