Suppose the spot price and the six-month futures price of crude oil are both $40 per barrel. The interest rate is 2% per annum with continuous compounding. Which of the following is true?

ANSWER CHOICES I DIDNT ADD:

It is unlikely that an arbitrage opportunity exists because the futures price of crude oil, a consumption asset, can be less than or equal to its spot price.

There is an arbitrage opportunity because the futures price of crude oil, an investment asset, has to be greater than its spot price.

There is an arbitrage opportunity because the futures price of crude oil, a consumption asset, has to be greater than its spot price.

There is an arbitrage opportunity because the futures price of a commodity cannot be the same as its spot price.