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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
3 Months Ended
Mar. 31, 2020
FAIR VALUE OF FINANCIAL INSTRUMENTS  
Valuation of Securities Using Fair Value Hierarchy

The following table summarizes the valuation of USO’s securities at March 31, 2020 using the fair value hierarchy:

At March 31, 2020

    

Total

    

Level I

    

Level II

    

Level III

Short-Term Investments

$

947,183,905

$

947,183,905

$

$

Exchange-Traded Futures Contracts

 

 

  

 

  

United States Contracts

 

(893,508,200)

(893,508,200)

 

 

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

 

 

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 March 31, 

At December 31, 

Instruments

    

Condition Location

    

2020

    

2019

Futures - Commodity Contracts

 

Assets

$

(893,508,200)

$

37,520,567

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, 2020

March 31, 2019

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

$

(688,521,703)

$

137,007,682

 

  

 

  

 

  

 

  

 

  

 

Change in unrealized gain (loss) on open positions

 

  

$

(931,028,767)

 

  

$

277,413,658