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You have entered a short position in an oil futures contract. The contract size is 1,000 barrels for each contract. The initial margin required is

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You have entered a short position in an oil futures contract. The contract size is 1,000 barrels for each contract. The initial margin required is $20,000 per contract. The maintenance margin is $17,000. The contract is entered at market close on February 10 at a price of $64/ barrel. The oil futures price is $63 /barrel on February 11,$60 /barrel on February 12 , and $68 /barrel on February 13. What is the net gain/loss on your position at end of day February 13? (Insert your final answer as a full dollar amount l.e. $600. Be sure to include any margin calls in your overall net gain/loss. Negative answers should be notated with a negative () sign)

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