On March 1 the spot price of oil was $60 and the July futures price was $63. On June 1 the spot price of oil was $65 and the July futures price was $64. A company entered into a futures contracts on March 1 to hedge 100% of its expected oil purchase on June 1. It closed out its position on June 1. After taking account of the cost of hedging, what was the effective price paid by the company for the oil?