2. The standard deviation of monthly changes in the spot price of oil is 1.20. he standard deviation of monthly changes in the futures price of oil for the recember contract is 1.40. The correlation between the futures price changes nd the spot price changes is 0.70. It is now October 15. An oil consumer is ommitted to buying 210,000 gallons of oil on November 15. The consumer -ants to use the December contract to hedge risk. Each futures contract is on 2,000 gallons. How can the consumer make a minimum variance hedge ? a. Long 1 December oil futures contract. b. Long 2 December oil futures contracts. c. Long 3 December oil futures contracts. d. Long 4 December oil futures contracts. e. Long 5 December oil futures contracts