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. On March 1 the price of oil in the spot market is $20 and the July futures price is $19. On Jun e l the price of oil in the spot market is $24 and the July futures price is $23.50. A company entered into a futures contract for the July delivery of oil on March 1 to hedge a pur be made in th chase of oil to e spot market June 1. This company closed out its futures position on June 1 and red June I purchased oil as planned in the spot market. The net cost to the company for oil acqui is equal to: $19 $20.00 $21.00 a. b. $19.50 d. $20.50 f. none of the above