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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2012
Fair Value Disclosures [Abstract]  
Fair Value, Measurement Inputs, Disclosure [Table Text Block]

The following table summarizes the valuation of USBO’s securities at December 31, 2012 using the fair value hierarchy:

 

At December 31, 2012 Total  Level I  Level II  Level III 
                 
Short-Term Investments $40,715,676  $40,715,676  $—  $— 
Exchange-Traded Futures Contracts                
Foreign Contracts  739,330   739,330   —   — 

 

During the year ended December 31, 2012, there were no transfers between Level I and Level II.

 

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)  —   — 

 

During the year ended December 31, 2011, there were no significant transfers between Level I and Level II.
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 Statements of
Financial
Condition
Location		 Fair Value
At
December 31,
2012		  Fair Value
At
December 31,
2011		 
         
Futures - Commodity Contracts Assets $739,330  $(916,570)
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

The Effect of Derivative Instruments on the Statements of Operations

 

    For the year ended
December 31, 2012		  For the year ended
December 31, 2011		  For the year ended
December 31, 2010*		 
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		  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 $3,239,910      $8,052,950      $2,352,020     
                           
  Change in unrealized gain (loss) on open positions     $1,655,900      $(1,239,230)     $322,660 

 

*The commencement of operations of the United States Brent Oil Fund, LP was June 2, 2010.