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CONTRACTS AND AGREEMENTS (Tables)
 9 Months Ended
Sep. 30, 2016
Contractors [Abstract]  
Brokerage Commissions
BNO also incurs commissions to brokers for the purchase and sale of Futures Contracts, Other Crude Oil-Related Investments or short-term obligations of the United States of two years or less (“Treasuries”).
 
 
 
For the nine
months ended
September 30, 2016
 
 
For the nine
months ended
September 30, 2015
 
Total commissions accrued to brokers
 
$
130,670
 
 
$
83,780
 
Total commissions as an annualized percentage of average net assets
 
 
0.16
%
 
 
0.12
%
Commissions accrued as a result of rebalancing
 
$
127,245
 
 
$
78,277
 
Percentage of commissions accrued as a result of rebalancing
 
 
97.38
%
 
 
93.43
%
Commissions accrued as a result of creation and redemption activity
 
$
3,425
 
 
$
5,503
 
Percentage of commissions accrued as a result of creation and redemption activity
 
 
2.62
%
 
 
6.57
%