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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Valuation of Securities Using Fair Value Hierarchy

The following table summarizes the valuation of USO’s securities at June 30, 2018 using the fair value hierarchy:

At June 30, 2018		Total				Level I				Level II				Level III
Short-Term Investments		$	1,831,192,379			$	1,831,192,379			$	—			$	—
Exchange-Traded Futures Contracts
United States Contracts			203,630,680				203,630,680				—				—

During the six months ended June 30, 2018, there were no transfers between Level I and Level II.

The following table summarizes the valuation of USO’s securities at December 31, 2017 using the fair value hierarchy:

At December 31, 2017		Total				Level I				Level II				Level III
Short-Term Investments		$	1,989,077,878			$	1,989,077,878			$	—			$	—
Exchange-Traded Futures Contracts
United States Contracts			117,780,350				117,780,350				—				—

Fair Value of Derivative Instruments

Fair Value of Derivative Instruments

Derivatives not ‎Accounted for ‎as Hedging ‎Instruments		Condensed ‎Statements of ‎Financial ‎Condition Location		Fair Value ‎At June 30, ‎2018				Fair Value ‎At December 31, ‎2017
Futures - Commodity Contracts		Assets		$	203,630,680			$	117,780,350

Effect of Derivative Instruments on Condensed Statements of Operations

The Effect of Derivative Instruments on the Condensed Statements of Operations

				For the six months ended ‎June 30, 2018								For the six months ended ‎June 30, 2017
Derivatives not ‎Accounted for ‎as Hedging ‎Instruments		Location of ‎Gain (Loss) ‎on Derivatives ‎Recognized in ‎Income		Realized ‎Gain (Loss) ‎on Derivatives ‎Recognized in ‎Income				Change in ‎Unrealized ‎Gain (Loss) on ‎Derivatives ‎Recognized in ‎Income				Realized ‎Gain (Loss) ‎on Derivatives ‎Recognized in ‎Income				Change in ‎Unrealized ‎Gain (Loss) on ‎Derivatives ‎Recognized in ‎Income
Futures - Commodity Contracts		Realized gain (loss) on ‎closed positions		$	330,678,000							$	(392,732,210	)
		Change in unrealized ‎gain (loss) on open ‎positions						$	85,850,330							$	(117,545,460	)

X

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-URI http://asc.fasb.org/topic&trid=2229140

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The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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