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You go short on 20 oil futures contracts on NYMEX when the futures price of oil is $55.00 a barrel and close out your position

  1. You go short on 20 oil futures contracts on NYMEX when the futures price of oil is $55.00 a barrel and close out your position three days later at a futures price of $56.07 a barrel. One future contract is for 1,000 barrels. What are your gain or losses?

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