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You purchased one oil future contract at $70 per barrel. What would be your profit (loss) at maturity if the oil spot price at that

You purchased one oil future contract at $70 per barrel. What would be your profit (loss) at maturity if the oil spot price at that time is $73.12 per barrel? Assume the contract size is 1,000 barrels and there are no transactions costs.

Multiple Choice

$3.12 profit
$31.20 profit
$3.12 loss
$31.20 loss
None of the options

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