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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value Disclosures [Abstract]

Fair Value, Measurement Inputs, Disclosure [Table Text Block]

The following table summarizes the valuation of USBO’s securities at September 30, 2012 using the fair value hierarchy:

At September 30, 2012		Total				Level I				Level II				Level III
Short-Term Investments		$	40,352,635			$	40,352,635			$	—			$	—
Exchange-Traded Futures Contracts
Foreign Contracts			(436,350	)			(436,350	)			—				—

The following table summarizes the valuation of USBO’s securities at December 31, 2011 using the fair value hierarchy: 

At December 31, 2011		Total				Level I				Level II				Level III
Short-Term Investments		$	19,346,002			$	19,346,002			$	—			$	—
Exchange-Traded Futures Contracts
Foreign Contracts			(916,570	)			(916,570	)			—				—

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

Fair Value of Derivative Instruments

Derivatives not Accounted for as Hedging Instruments		Condensed Statements of Financial Condition Location		Fair Value At September 30, 2012				Fair Value At December 31, 2011
Futures - Commodity Contracts		Assets		$	(436,350	)		$	(916,570	)

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

The Effect of Derivative Instruments on the Condensed Statements of Operations

				For the nine months ended September 30, 2012								For the nine months ended September 30, 2011
Derivatives not Accounted for as Hedging Instruments		Location of Gain or (Loss) on Derivatives Recognized in Income		Realized Gain or (Loss) on Derivatives Recognized in Income				Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income				Realized Gain or (Loss) on Derivatives Recognized in Income				Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income
Futures – Commodity Contracts		Realized gain on closed positions		$	4,019,700							$	3,874,520
		Change in unrealized gain (loss) on open positions						$	480,220							$	(937,210	)

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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.

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Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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