Petrochemical Parfum (PP) is concerned about a possible increase in the price of heavy fuel oil, which is one of its major inputs. If PP could use either options or futures contracts to protect itself against a rise in the price of crude oil, compute the payoffs in each case if the oil price were $50, $60, or $70 a barrel. Assume the current price of oil is $50 per barrel, the futures price is $60, and the option exercise price is $60

Oil price per barrel	Futures Hedged Expense	Options Hedged Expense
$50	$	$
$60	$	$
$70	$	$