How To Trade Schlumberger Amid Crude Downturn

WTI crude prices fell on Thursday, closing at the lowest level since May 10.

On CNBC's "Options Action," Tony Zhang said that Schlumberger NV NYSE:SLB traded nearly two times its average daily volume on Thursday. A single trade accounted for almost 15% of the total volume, he added.

Check out other stocks making big moves in the premarket.

There was a seller of 4,000 of the September 37.5 calls at $2.54 per contract on average and another 4,000 of the September 42.5 calls at 21 cents per contract, Zhang mentioned. The trader sees little upside through September expiration, he added.

SLB Price Action: Shares of Schlumberger declined by 6.77% to settle at $34.98 on Thursday.