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Urgent An oil-refining company undertakes a long hedge by buying 280 contracts of March 2017 crude oil at $53.23/barrel each and an additional 140 contracts

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An oil-refining company undertakes a "long hedge" by buying 280 contracts of March 2017 crude oil at $53.23/barrel each and an additional 140 contracts of March 2017 crude oil at $55.90. The size of the oil contract is 1,000 barrels. Calculate profit or loss of the futures markets position if the company sells the contracts (before expiration) at the following prices: 200 contracts are sold at $51.14/barrel, and the remaining 220 contracts are sold at $54.01/barrel. Profit or loss? How much? Please show your calculations

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