The swings in the price of crude from one week to the next are not deterring punters from betting that it will rise higher than its current range of $60 to $70 per barrel in the coming weeks.

After indices and commodities, oil is still the third most popular trade at spread betting firms and the sharpness of its volatility is its principal attraction. While a 3 per cent inter-day drop in the FTSE 100 is regarded as a significant loss, a $4 fall in the crude oil price is par for the course.