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On September 15, an oil refiner is committed to purchasing 7,637 barrels of oil on November 15. The refiner wants to use the December oil

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On September 15, an oil refiner is committed to purchasing 7,637 barrels of oil on November 15. The refiner wants to use the December oil futures contracts to hedge its risk. Each futures contract is for the delivery of 1,000 barrels of oil and the hedge ratio is 0.81 . How many contracts are required for the refiner to hedge the position (round your answer to the nearest whole number)

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