Oil Prices Breach $100, Could Continue To Climb

Brent Crude for April delivery rose more than 2% on Thursday and breached the $100 per barrel mark for the first time since 2014.

U.S. West Texas Intermediate (WTI) crude added 71 cents, or 0.8%, to settle at $92.81 a barrel, after rising to $100.54 earlier in the session.

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On CNBC's "Options Action," Mike Khouw of Optimize Advisors said there were nearly three times the average calls for WTI crude futures on Thursday. There were buyers of 14,612 of the April 100 strike calls for an average price of $3.85 per contract, he added.

“Buyers of those calls are obviously betting that it could exceed today’s highs,” Khouw said.

Markets expect WTI crude oil futures to reach as much as $103.85 by April expiration.