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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
12 Months Ended
Dec. 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 December 31, 2020 using the fair value hierarchy:

At December 31, 2020

    

Total

    

Level I

    

Level II

    

Level III

Short-Term Investments

$

418,534,000

$

418,534,000

$

$

Exchange-Traded Futures Contracts

 

 

 

  

 

  

United States Contracts

 

401,443,958

 

401,443,958

 

 

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

    

    

    

    

Statements of

    

Fair Value

    

Fair Value

 Financial

at December 31, 

at December 31, 

Derivatives not Accounted for as Hedging Instruments

Condition Location

2020

2019

Futures - Commodity Contracts

 

Assets

$

401,443,958

$

37,520,567

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, 2020

December 31, 2019

December 31, 2018

Change in

Change in

Change in

Location of

Realized

Unrealized

Realized

Unrealized

Realized

Unrealized

Derivatives not

Gain (Loss) 

gain (Loss)

Gain (Loss) on

Gain (Loss)

Gain (Loss) on

Gain (Loss)

Gain (Loss) on

Accounted for

on Derivatives

on Derivatives

Derivatives

in Derivatives

Derivatives

in Derivatives

Derivatives

as 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

$

(2,251,576,260)

 

  

$

220,179,889

 

  

$

1,603,334

 

  

 

Change in unrealized gain (loss) on open positions

$

363,923,391

$

231,913,525

$

(312,173,308)