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At 11 am on January 4, you bought a June futures contract on 2,000 barrels of oil. At that time, the spot price was $87.30,
At 11 am on January 4, you bought a June futures contract on 2,000 barrels of oil. At that time, the spot price was $87.30, and the basis was $-6.1 (note that the basis is negative). The initial margin is $10,000, and the maintenance margin is $8,000. On the morning of January 5, your margin account decrease by $1,500 to $8,500. What was the spot price at the end of the trading day on January 4 if the spot price basis at that time was $-5.37? O $76.98 O $85.38 $86.58 $87.28 $ $89.95 O $91.70 O $92.35
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