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Question 3 1 pts On March 1 the spot price of oil was $60 and the July futures price was $58. On June 1 the spot price of oil was $64 and the July futures price was $63.50. A company entered into a futures contracts on March 1 to hedge the purchase of oil on June 1. It purchased oil in the spot market on June 1 and closed out its futures position at the same time. After taking account of the cost of hedging, what was the effective price paid by the company for the oil? $64. $59.5. $63.5 $58.5