Problem 2 It is June 8. A company knows that it will need to purchase 30,000 barrels of crude oil sometime in October or November. The current September oil futures price is $55.00 per barrel and the current December oil futures price is S56 per barrel. Suppose the spot price on November 10 is $54 per barrel and that is the time you decide to take oil position (one oil futures contract =1,000 barrels) and December futures price is $55 on November 10. a. What futures contract should be used for hedging purpose? b. What will be the net cost of oil if you take a long position in December oil futures contracts on November 27 at a futures price of $56