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(FINANCE) on a [financial derivative], the price at which the final [transaction] occurs. For example, the strike price of a call option is the price at which the owner of [the option] may buy the underlying item. If a call option is for 100 bbls of WTI crude oil at a strike price of $85.75/bbl, and the spot price is $86.50, then the option is worth (86.50 - 85.75) x 100 bbls = $75.
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