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Question 1: In September 2019, a firm takes a long position in a contract on May 2020 crude oil futures. The firm closes out its position in March 2020. The futures price (per barrel) is $66.2 when the firm enters into the contract, $69.2 at the end of December 2019, and $74.6 when the firm closes out its position. One contract is for the delivery of 1000 barrels. Calculate the firm's total profit (loss)?
Choose the best answer.
a.-8400.00 dollarsb.-3000.00 dollarsc. 3000.00 dollarsd. 8400.00 dollarse. None of the other answers provided is the best answer
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