Oil Market Outlook: Bearish Options Flow

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A few words about the prospects of oil through the lens of options trading.
The sentiment is leaning more bearish than bullish. We're seeing a surge in vertical spreads and butterflies on puts, targeting the $65-60 range for February-March 2025.

If we look at the charts, the price action resembles a 'settling' at the support level of $65-66.
It’s looking like we might see a support break, potentially a swift one, which could send prices down to a lower range, just like we've seen in the past.

But for now, this is just a theory based on price action and the options flow.