The futures price of the 6-month crude oil contract is greater than the spot price. Therefore, an arbitrage opportunity exists.

An investor should take the following steps at time 0:

1. Borrow USD 62.57 for 6 months at the risk-free rate
2. Buy one barrel of crude oil at the spot price of USD 62.57
3. Take a short exposure in the 6-month crude oil contract for the futures price of USD 65.35

At the expiration of the futures contract:

1. Sell crude oil at the futures price of USD 65.35
2. Pay the borrowed money with interest, i.e., USD $62.57 \times e^{0.05 \times 0.5} = \text{USD } 64.15$3. Earn the cash-and-carry arbitrage profit of (USD 65.35 − USD 64.15) = USD 1.20 per barrel