Question 2 1 I 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 $54 and the July futures price was $53.50. A company entered into a futures contracts on March 1 to hedge the purchase of oil on June 1. It purchased oil on 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? $54. $59.5. ' $58.5