Crude oil futures are not fixed income securities. Crude oil futures are futures contracts for future crude oil prices. Due to the sharp fluctuation of crude oil price, the future crude oil price can be locked through futures trading. Because of this feature, crude oil futures are suitable for short-term investors to conduct spot trading. Coupled with a variety of commodities and types of crude oil futures, investors can arbitrage through this function. The transparency, high volatility and good liquidity of crude oil make crude oil futures one of the most traded and popular commodity futures.