By Daily Crux Editor Sean Goldsmith:

After oil passed $60 a barrel last week, traders jumped on the short side, betting oil would fall 16% in July.

From Bloomberg:

The number of options to sell oil at $50 a barrel for July settlement rose 22 percent last week to 24,948. Traders expect prices to fall because U.S. crude inventories are 1.8 percent below the highest in two decades, and the International Energy Agency says demand is falling the most since 1981. There’s enough unsold crude stored in offshore tankers to supply the U.S. for a week, and oil fell below $60 today in New York.

We'll see if OPEC has a big production cut up its sleeve for its May 28 meeting in Vienna.

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