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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
9 Months Ended
Sep. 30, 2019
FAIR VALUE OF FINANCIAL INSTRUMENTS  
Valuation of Securities Using Fair Value Hierarchy

The following table summarizes the valuation of USO’s securities at September 30, 2019 using the fair value hierarchy:

At September 30, 2019

    

Total

    

Level I

    

Level II

    

Level III

Short-Term Investments

$

1,358,772,491

$

1,358,772,491

$

$

Exchange-Traded Futures Contracts

 

  

 

  

 

  

 

  

United States Contracts

 

(66,680,740)

 

(66,680,740)

 

 

During the nine months ended September 30, 2019, there were no transfers between Level I and Level II.

The following table summarizes the valuation of USO’s securities at December 31, 2018 using the fair value hierarchy:

At December 31, 2018

    

Total

    

Level I

    

Level II

    

Level III

Short-Term Investments

$

1,334,416,220

$

1,334,416,220

$

$

Exchange-Traded Futures Contracts

 

 

 

  

 

  

United States Contracts

 

(194,392,958)

 

(194,392,958)

 

 

Fair Value of Derivative Instruments

Fair Value of Derivative Instruments

Derivatives not

Condensed

Accounted for

Statements of

Fair Value

Fair Value

as Hedging

Financial

At September 30, 

At December 31, 

Instruments

    

Condition Location

    

2019

    

2018

Futures - Commodity Contracts

 

Assets

$

(66,680,740)

$

(194,392,958)

Effect of Derivative Instruments on Condensed Statements of Operations

The Effect of Derivative Instruments on the Condensed Statements of Operations

For the nine months ended

For the nine months ended

September 30, 2019

September 30, 2018

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 positions

$

166,752,646

$

451,011,820

 

  

 

  

 

  

 

  

 

  

 

Change in unrealized gain (loss) on open positions

 

  

$

127,712,218

 

  

$

8,329,350