Opec decision reinforces bearish outlook

New York

CRUDE oil options sank at the fastest pace in years after Opec decided to keep pumping crude at record rates, prompting traders to unwind bets they had placed ahead of the group's meeting to protect against possible wild fluctuations in futures prices.

The CBOE crude oil volatility index, a measure of options prices, plunged as much as 13 per cent to 33 points, the largest one-day drop since 2011. That's down from a four-year high of 64 in February.