Oil prices were firm on Wednesday, receiving ongoing support from healthy economic growth as well as from supply restrictions led by a group of producers around the Organisation of the petroleum exporting countries and Russia.
Spot Brent crude oil futures, the international benchmark for oil prices, were at 70 dollars a barrel, up 4 cents from their last close.
US West Texas intermediate crude futures were at 64.59 dollars a barrel, up 12 cents.
In spite of the overall supportive market conditions, which have seen crude futures rally by almost 15 percent since early December, there are signs that traders are preparing for a downward correction.
One way of doing that is to take out so-called put options on crude futures contracts, which give a trader the right, but not the obligation, to sell at a certain price