Which of the following trade(s) contain mainly basis risk?
I. Long 1,000 lots Nov 07 ICE Brent Oil contracts and short 1,000 lots Nov 07 NYMEX WTI Crude Oil contracts
II. Long 1,000 lots Nov 07 ICE Brent Oil contracts and long 2,000 lots Nov 07 ICE Brent Oil at-the-money put
III. Long 1,000 lots Nov 07 ICE Brent Oil contracts and short 1,000 lots Dec 07 ICE Brent Oil contracts
IV. Long 1,000 lots Nov 07 ICE Brent Oil contracts and short 1,000 lots Dec 07 YMEX WTI Crude Oil contracts
A. II and IV only
B. I and III only
C. I, III, and IV only
D. III and IV only