Today is 15 October and the spot price for crude oil quoted on the New York Mercantile Exchange (NYMEX) is USD 70.40 and the price for the mid-January futures expiration contract is USD 68.75, a period of 91 days. The USD continuously compounded risk-free interest rate for the 3-months is 3.00 per cent per year. What is the implied convenience yield (as an annualised rate) on the contract if crude oil storage costs (continuously compounded) are 1 per cent per year?