Well, I don't know how to read futures markets well so take this with a huge grain of salt, but here are the current oil futures prices:
Dec 2007 - $95.90
Jan 2008 - $94.92
Source:
http://www.nymex.com/lsco_fut_cso.aspx
Again, I could be misinterpreting this, but the under $102.75 for -120 seems like a decent play.