Q1) An oil trader entered into a short (i.e. to sell) crude oil 6 months futures contract on March 12, 2022 when the futures price was $98.60 per barrel of crude oil. The standardized futures contract is for the delivery of 1000 barrels of oil. How much does the trader gain or lose if the oil price at the end of the contract is (a) $94.50 per barrel, and (b) $100.60 per barrel