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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
12 Months Ended
Dec. 31, 2019
FAIR VALUE OF FINANCIAL INSTRUMENTS  
Valuation of Securities Using Fair Value Hierarchy

The following table summarizes the valuation of USO’s securities at December 31, 2019 using the fair value hierarchy:

At December 31, 2019

    

Total

    

Level I

    

Level II

    

Level III

Short-Term Investments

$

1,175,542,347

$

1,175,542,347

$

$

Exchange-Traded Futures Contracts

 

  

 

  

 

  

 

  

United States Contracts

 

37,520,567

 

37,520,567

 

 

During the year ended December 31, 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

Derivatives not

    

    

    

Accounted for

Fair Value

Fair Value

as Hedging

Statements of Financial

At December 31, 

At December 31, 

Instruments

Condition Location

2019

2018

Futures - Commodity Contracts

 

Assets

$

37,520,567

$

(194,392,958)

Effect of Derivative Instruments on Condensed Statements of Operations

The Effect of Derivative Instruments on the Statements of Operations

For the year ended

For the year ended

For the year ended

December 31, 2019

December 31, 2018

December 31, 2017

Change in

Change in

Change in

Derivatives

Location of

Realized

Unrealized

Realized

Unrealized

Realized

Unrealized

not Accounted

Gain (Loss) 

Gain (Loss)

Gain (Loss) on

Gain (Loss)

Gain (Loss) on

Gain (Loss)

Gain (Loss) on

for as

on Derivatives

on Derivatives

Derivatives

on Derivatives

Derivatives

on Derivatives

Derivatives

Hedging

Recognized in

Recognized in

Recognized in

Recognized in

Recognized in

Recognized in

Recognized in

Instruments

    

Income

    

Income

    

Income

    

Income

    

Income

    

Income

    

Income

Futures - Commodity Contracts

 

Realized gain (loss) on closed positions

$

220,179,889

 

  

$

1,603,334

 

  

$

70,673,279

 

  

 

Change in unrealized gain (loss) on open positions

$

231,913,525

$

(312,173,308)

$

6,489,790