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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2017
Fair Value Disclosures [Abstract]  
Valuation of Securities Using Fair Value Hierarchy
The following table summarizes the valuation of USO’s securities at March 31, 2017 using the fair value hierarchy:
 
At March 31, 2017
 
Total
 
Level I
 
Level II
 
Level III
 
Short-Term Investments
 
$
2,721,403,877
 
$
2,721,403,877
 
$
—
 
$
—
 
Exchange-Traded Futures Contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
United States Contracts
 
 
14,799,070
 
 
14,799,070
 
 
—
 
 
—
 
 
During the three months ended March 31, 2017, there were no transfers between Level I and Level II.
  
The following table summarizes the valuation of USO’s securities at December 31, 2016 using the fair value hierarchy:
 
At December 31, 2016
 
Total
 
Level I
 
Level II
 
Level III
 
Short-Term Investments
 
$
2,770,212,015
 
$
2,770,212,015
 
$
—
 
$
—
 
Exchange-Traded Futures Contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
United States Contracts
 
 
111,290,560
 
 
111,290,560
 
 
—
 
 
—
 
 
Fair Value of Derivative Instruments
Fair Value of Derivative Instruments
 
Derivatives not
 
Condensed
 
 
 
 
 
 
 
Accounted for
 
Statements of
 
 
 
 
 
 
 
as Hedging
 
Financial
 
Fair Value
 
Fair Value
 
Instruments
 
Condition Location
 
At March 31, 2017
 
At December 31, 2016
 
Futures - Commodity Contracts
 
Assets
 
$
14,799,070
 
$
111,290,560
 
Effect of Derivative Instruments on Condensed Statements of Operations
The Effect of Derivative Instruments on the Condensed Statements of Operations
 
 
 
 
 
For the three months ended
 
For the three months ended
 
 
 
 
 
March 31, 2017
 
March 31, 2016
 
 
 
 
 
 
 
 
Change in
 
 
 
 
Change in
 
 
 
Location of
 
Realized
 
Unrealized
 
Realized
 
Unrealized
 
Derivatives not
 
Gain (Loss)
 
Gain (Loss)
 
Gain (Loss) on
 
Gain (Loss)
 
Gain (Loss) on
 
Accounted for
 
on Derivatives
 
on Derivatives
 
Derivatives
 
on Derivatives
 
Derivatives
 
as Hedging
 
Recognized in
 
Recognized in
 
Recognized in
 
Recognized in
 
Recognized in
 
Instruments
 
Income
 
Income
 
Income
 
Income
 
Income
 
Futures – Commodity Contracts
 
Realized gain (loss) on closed contracts
 
$
(155,270,440)
 
 
 
 
$
(215,557,610)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Change in unrealized gain (loss) on open contracts
 
 
 
 
$
(96,491,490)
 
 
 
 
$
41,526,920