Oil bouncing as expected so, if you don't already have our STP play (20 Jan $29 calls at $1.05, now 0.95), you might be interested in a bull call spread like:

• Jan $27/29 bull call spread at $1.05.  USO is at $28.11 so this spread is 100% in the money with oil at $74 and you get up to 0.95 (90%) upside if oil gets back to $77.50 into Jan expirations.  
• April $28/31 bull call spread at $1.20.  That one has potential $1.80 upside if oil is 10% higher in the spring (about $80).  Won't move much on good OPEC news but won't lose as much either if oil falls further. 
• If you think it's unlikely oil will drop another 20% (below $60), then you can sell the 2016 $22 puts for $1.10 to offset either of the above spreads.  That would be net .05 credit on the Jan combo and net 0.20 on the April set and your worst case is being long on oil at $60. 

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