Option traders doubled their money in the U.S. Oil Fund (USO) - Get Report on Tuesday.

On June 11, Investitute's tracking systems detected the purchase of 5,000 July $13.50 calls, expiring on July 20, for $0.40 as part of a bullish roll with shares at $13.41. This was clearly a new position, as open interest in the strike was only 514 contracts before the trade occurred.

The investors in those calls may have been placing a bet that OPEC and its partner nations would come to a tempered agreement with production increases amid a backdrop of growing global consumption which would drive oil, and the USO, higher.

Those July $13.50 calls sold for $0.90 Tuesday, more than twice their original purchase price from only two weeks prior. The stock rose 6.64% in the same time frame, showing how quickly options can outpace gains in their underlying price.

Long calls lock in the price where investors can buy a stock, letting them position for a rally at limited cost with the potential for significant leverage. They carry less risk than owning shares because the most that can be lost is the price of the options no matter how far the stock might fall.

The U.S. Oil Fund was up 3.59% to $14.27 Tuesday. The exchange-traded fund gapped higher on Friday after OPEC agreed to increase production less than feared.

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