Hedging Oil Price Risk with Derivatives

Imagine a multinational corporation, GlobalCorp, is heavily reliant on the pricing of raw materials, which are traded on the commodities market. They are particularly concerned about a potential increase in the prices of oil, which could significantly impact their profit margins. To protect themselves from this risk, GlobalCorp is exploring the use of derivative instruments.

In this context, which of the following derivatives would most effectively allow GlobalCorp to hedge against the risk of rising oil prices?