By Devika Krishna Kumar and Stefanie Eschenbacher
NEW YORK/MEXICO CITY, Sept 5 (Reuters) - Mexico has made thefirst moves to launch its annual $1 billion oil hedging programby asking banks for quotes, sources familiar with the deal said,while buying in financial oil options contracts for 2020 hasrisen in recent days, consistent with the giant trade.
A Wall Street source and a Mexican congressional sourcefamiliar with the program, both of whom declined to beidentified because of the sensitive nature of the deal, toldReuters on Wednesday that banks have been submitting offers forthe hedge and that Mexico had requested these quotes.
The country buys as much as $1 billion worth of financialpositions in a series of highly anticipated oil trades in orderto protect its revenues from oil sales for the coming yearagainst price volatility.
Buying in specific financial oil options contracts for 2020in U.S. West Texas Intermediate crude and Brent crude hasincreased in recent days, two market sources familiar with theMexico hedge said.
The Mexican finance ministry did not immediately respond toa request for comment.(Reporting by Devika Krishna Kumar in New York and StefanieEschenbacher in Mexico CityEditing by Marguerita Choy)