In response to the question about "LO", there is no LO symbol at the options brokerage I use (thinkorswim).
A good way to play crude oil (if you have the stomach for the volatility), is to write options against the OIH index (Oil Holders Index). It is a tracking index composed of companies with large crude oil interests.
Be careful about placing long term option trades on OIH though because it is so very volatile and seasonal and sensitive to supply/demand and to terrorism and . . . News events of many kinds move OIH rapidly up and down.
Here is an oldish link describing the OIH:
Oil Service HOLDR (OIH) -- In in-depth look at this oil stock ETF
Hope that is helpful.