<SEC-DOCUMENT>0001171200-22-000388.txt : 20230228
<SEC-HEADER>0001171200-22-000388.hdr.sgml : 20230228
<ACCEPTANCE-DATETIME>20221216171400
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001171200-22-000388
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20221216

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			United States Brent Oil Fund, LP
		CENTRAL INDEX KEY:			0001472494
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				270925904
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1850 MT. DIABLO BLVD.
		STREET 2:		SUITE 640
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596
		BUSINESS PHONE:		(510) 522-9600

	MAIL ADDRESS:	
		STREET 1:		1850 MT. DIABLO BLVD.
		STREET 2:		SUITE 640
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="text-indent: 1pt; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
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    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; width: 25%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Eversheds
    Sutherland (US) LLP</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.1pt"><FONT STYLE="font-size: 10pt">700 Sixth Street, NW, Suite
    700<BR STYLE="font: 10pt Times New Roman, Times, Serif">
    Washington, DC 20001-3980</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.1pt"><FONT STYLE="font-size: 10pt">D: 202.383.0262<BR STYLE="font: 10pt Times New Roman, Times, Serif">
    F: 202.637.3593</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.1pt"><FONT STYLE="font-size: 10pt">OwenPinkerton@eversheds-sutherland.us</FONT></P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">December 16, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Via
EDGAR&#9;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Eric Envall</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">United States Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">100 F Street, NE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Washington, DC 20549-4561</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-size: 10pt"><B>Re:</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><B>United
                                            States Brent Oil Fund, LP</B></FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Registration
Statement on Form S-3</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Filed
November 8, 2022</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">File
No. 333-268246</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 11pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Dear Mr.
Envall:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">On behalf of United
States Brent Oil Fund, LP (the &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Fund</I></B></FONT>&rdquo;), set
forth below are the Fund&rsquo;s responses to the comments provided by the staff of the Division of Corporation Finance (the &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Staff</I></B></FONT>&rdquo;)
of the Securities and Exchange Commission (the &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Commission</I></B></FONT>)
in that certain letter dated December 1, 2022, relating to the above referenced Registration Statement (the &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Registration
Statement</I></B></FONT>&rdquo;). The Staff&rsquo;s comments are set forth below in italics, followed by the Fund&rsquo;s responses.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Registration
Statement on Form S-3 Filed November 8, 2022</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Prospectus
Summary, page 1</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><I>1.</I></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Please
prominently discuss the impact of current geopolitical events on the market for Brent crude oil and on BNO. Your discussion should address
volatility in prices and trading volume for Brent crude oil, Brent crude oil futures, and in your shares. Please place this discussion
in context by quantifying, to the extent information is available, the relative contribution of Russia and Ukraine in the global markets
for Brent crude oil, prices of Brent crude oil, the price of your shares, the price of any futures contracts for Brent crude oil, the
extent to which these futures markets are experiencing backwardation, and the increased trading volume of Brent crude oil, Brent crude
oil futures and your shares as of the most recent practicable date.</I></FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Similarly,
please revise your risk factors in the section titled &ldquo;Investment Risk&rdquo; to describe specific risks of current geopolitical
events for the Brent crude oil markets and for BNO and its investments. Also revise to describe the risks relating to the impact of current
events on underlying assumptions and expectations and the potential for resulting volatility and losses.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>
<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Eversheds Sutherland (US) LLP is part of a global legal practice, operating through various separate and distinct legal entities, under Eversheds Sutherland.  For a full description of the structure and a list of offices, please visit www.eversheds-sutherland.com.</FONT></P>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">December 16, 2022</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 2</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Response</B></FONT><FONT STYLE="font-size: 10pt">:&#9;The
Fund respectfully advises the Staff that the global commodities markets are influenced by a number of factors, including seasonal supply
and demand, inflation, the health of the global economy and geopolitical events. The Fund advises the Staff that it believes that the
war between Russia and the Ukraine has impacted certain global commodity markets, including the Brent crude oil market. As a result of
this, disclosure responsive to this request is included in the Registration Statement and, more prominently, in the periodic reports
that are incorporated by reference into the Registration Statement. Specifically, the prospectus includes risk disclosure related to
Russia&rsquo;s invasion of Ukraine and the impact on global commodity markets, including crude oil. Updates regarding the impact of the
war on the crude oil markets have been included in the quarterly reports on Form 10-Q filed since the war commenced in February 2022.
Finally, it is worth noting that while there has been volatility in the crude oil markets during the last year, which has been discussed
in the Fund&rsquo;s periodic reports, the current market price for the Fund is approximately equal to what it was immediately prior to
beginning of the war. The most recent quarterly report on Form 10-Q, for example, includes the following disclosures:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 27pt 10pt 81pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Brent
Crude Oil Market:</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 27pt 0 81pt; text-align: justify"><FONT STYLE="font-size: 10pt">Bullish
fundamentals for crude oil were already in place when Russia invaded Ukraine in February of 2022, causing the United States and other
countries and certain international organizations to impose broad-ranging economic sanctions on Russia and certain Russian individuals,
banking entities, and corporations as a response. As a result of these sanctions, Russian barrels of oil that were intended for export
have been left stranded, which is exacerbating an already limited supply situation. Russian oil producers have had to search for new
buyers, while those countries and organizations that have imposed sanctions continue to search for additional sources of crude oil supply,
including the 180 million barrels of crude oil that the U.S. announced would be released from the United States Strategic Petroleum Reserve.
The war in Ukraine, sanctions, and the corresponding disruption in the supply of Russian oil, have resulted in significant volatility
in the oil markets, particularly in early March when Brent crude oil briefly rose to over $127.98 per barrel on March 8, 2022, then fell
back to $98.02 per barrel on March 16, 2022, before rising and the falling again to end the first quarter of 2022 at $107.91 per barrel.
A bullish trend for crude oil emerged from mid-April through early June 2022 when Brent crude oil again topped $120 per barrel before,
once again, giving up gains to end the quarter at $114.81. The war in Ukraine and the potential for further supply disruptions and sanctions
could lead to further volatility. However, if a resolution to the conflict were to occur, volatility could decrease and prices could
decline somewhat in a short period of time. Conversely, crude oil prices may be highly reactive to developments as global buyers and
sellers of crude reposition their relationships.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 27pt 0 81pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 27pt 0 81pt; text-align: justify"><FONT STYLE="font-size: 10pt">During
the third quarter of 2022, crude oil prices declined substantially, in contrast to strong gains during the first half of the year. In
August 2022, U.S. production rose to a peak of 12.2 mbd while OPEC production peaked at 29.9 mbd. Despite a recovery in demand and tighter
supply (the U.S., Russia, and OPEC have still not returned to pre-pandemic production levels), bearish factors weighed on crude prices
during the third quarter, including a record drawdown in the United States Strategic Petroleum Reserve, OPEC supply cuts, consumer responses
to inflation, rising interest rates, a strong dollar, and concerns about global economic growth. These factors continue to affect crude
prices. Conversely, the ongoing demand recovery for crude oil during a time when supply is lower could lead to higher prices. Supply
constraints, worker shortages, infrastructure and manufacturing energy usage, the war in Ukraine, and other geopolitical tensions, are
factors that could contribute to another bull market for crude oil. Between competing bullish and bearish factors, crude could stay range
bound or could exhibit significant movement up or down over the next few quarters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 27pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><FONT STYLE="font-size: 10pt">The Fund
reviews and updates, as needed, disclosure in its periodic reports in order to take into account, for example, geopolitical events. To
the extent that Russia&rsquo;s invasion of Ukraine further impacts the crude oil markets, the Fund will consider the most appropriate
way to revise its disclosure, whether it be in its periodic reports or as a supplement to the prospectus. The Fund, however, believes
that its existing disclosures are materially accurate and address the items noted in the Staff&rsquo;s comment.</FONT></P>

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">December 16, 2022</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 3</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exhibits</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><I>2.</I></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
fee table indicates that you intend to rely on Securities Act Rule 415(a)(6) to include unsold securities from prior registration statements,
file numbers 333-162015, 333-237185, and 333-238282, declared effective on May 27, 2010, April 20, 2020, and June 11, 2020, respectively.
However, it appears that you filed this registration statement more than three years after the initial effective date of one such prior
registration statement. To the extent that you intend to rely on Rule 415(a)(6) to include unsold securities from an earlier registration
statement that went effective within three years of the filing date of this registration statement, please revise to identify the form
type, file number, and initial effective date of the earlier registration statement from which the securities are to be carried forward.
Also please quantify the amount of unsold securities being carried forward. Please refer to Instructions to the Calculation of Filing
Fee Tables and Related Disclosure on Form S-3 for guidance.</I></FONT></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Response</B></FONT><FONT STYLE="font-size: 10pt">:&#9;The
Fund advises the Staff that, since the Registration Statement registers an unlimited number of shares as permitted by Rule 415(a)(xiii), there
is no need to carry forward unsold securities registered in prior registration statements. However, the Fund has revised the filing fee
exhibit to identify the source of the fee offset claims that it intends to utilize as additional securities are issued in the future.
Such fee offset claims were carried forward to the most recent registration statement, which was declared effective in June 2020. The
revised filing fee exhibit that we intend to file as part of a pre-effective amendment to the Registration Statement is attached to this
response letter for your convenience.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: 349.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">If you have
any questions about the foregoing, please do not hesitate to contact me at (202) 383-0262 or Raymond A. Ramirez at (202) 383-0868.</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%">Sincerely,</TD>
    <TD STYLE="width: 24%">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Owen J. Pinkerton</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Owen J. Pinkerton, a partner</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cc:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">James M. Cain, Esq.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Raymond A. Ramirez, Esq.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daphne G. Frydman, Esq.</FONT></TD></TR>
  </TABLE>



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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">December 16, 2022</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 4</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Filing
Fee Exhibit</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Calculation
of Filing Fee Table</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">S-3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">(Form Type)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>United
States Brent Oil Fund, LP</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">(Exact Name of Registrant
as Specified in its Charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Table
1: Newly Registered and Carry Forward Securities</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 1.2pt; width: 7%; padding-left: 1.2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; font: 10pt/106% Times New Roman, Times, Serif; padding-right: 1.2pt; white-space: nowrap; width: 8%; text-align: center; padding-left: 1.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Security<BR>

    Type</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; font: 10pt/106% Times New Roman, Times, Serif; padding-right: 1.2pt; white-space: nowrap; width: 8%; text-align: center; padding-left: 1.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Security<BR>

    Class Title</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; font: 10pt/106% Times New Roman, Times, Serif; padding-right: 1.2pt; white-space: nowrap; width: 8%; text-align: center; padding-left: 1.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fee<BR>

    Calculation<BR>
 or Carry<BR>
 Forward<BR>
 Rule</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; font: 10pt/106% Times New Roman, Times, Serif; padding-right: 1.2pt; white-space: nowrap; width: 9%; text-align: center; padding-left: 1.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount<BR>

    Registered</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; font: 10pt/106% Times New Roman, Times, Serif; padding-right: 1.2pt; white-space: nowrap; width: 9%; text-align: center; padding-left: 1.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed<BR>

    Maximum<BR>
 Offering Price <BR>
Per Unit</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; font: 10pt/106% Times New Roman, Times, Serif; padding-right: 1.2pt; white-space: nowrap; width: 7%; text-align: center; padding-left: 1.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maximum<BR>

    Aggregate<BR>
 Offering<BR>
 Price</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; font: 10pt/106% Times New Roman, Times, Serif; padding-right: 1.2pt; white-space: nowrap; width: 4%; text-align: center; padding-left: 1.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fee<BR>

    Rate</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; font: 10pt/106% Times New Roman, Times, Serif; padding-right: 1.2pt; white-space: nowrap; width: 8%; text-align: center; padding-left: 1.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount
    of<BR>
 Registration<BR>
 Fee</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; font: 10pt/106% Times New Roman, Times, Serif; padding-right: 1.2pt; white-space: nowrap; width: 5%; text-align: center; padding-left: 1.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Carry<BR>

    Forward<BR>
 Form<BR>
 Type</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; font: 10pt/106% Times New Roman, Times, Serif; padding-right: 1.2pt; white-space: nowrap; width: 6%; text-align: center; padding-left: 1.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Carry<BR>

    Forward<BR>
 File<BR>
 Number</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; font: 10pt/106% Times New Roman, Times, Serif; padding-right: 1.2pt; white-space: nowrap; width: 6%; text-align: center; padding-left: 1.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Carry<BR>

    Forward<BR>
 Initial<BR>
 Effective<BR>
 Date</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-right: 1.2pt; white-space: nowrap; font: 10pt/106% Times New Roman, Times, Serif; width: 15%; text-align: center; padding-left: 1.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Filing
    Fee<BR>
 Previously Paid<BR>
 In Connection<BR>
 with Unsold<BR>
 Securities to be<BR>
 Carried Forward</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="13" STYLE="font: 10pt/106% Times New Roman, Times, Serif; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Newly
    Registered Securities</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Fees
    to Be Paid</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Exchange-Traded
    Security</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">United
    States Brent Oil Fund</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Rule
    457(u)</FONT></TD>
    <TD STYLE="padding-right: 1.2pt; font: 10pt/106% Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; border-left: black 1pt solid; text-align: center; padding-left: 1.2pt"><FONT STYLE="font-size: 10pt">Indeterminate
    Amount of Securities</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-left: 0.1pt; text-align: center; text-indent: -0.1pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="13" STYLE="border-right: Black 1pt solid; font: 10pt/106% Times New Roman, Times, Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Carry
    Forward Securities</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="font: 10pt/106% Times New Roman, Times, Serif; border-top: Black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Total
    Offering Amounts</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; border-top: Black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; vertical-align: bottom; border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="font: 10pt/106% Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Total
    Fees Previously Paid</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="font: 10pt/106% Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Total
    Fee Offsets</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="font: 10pt/106% Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Net
    Fee Due</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt/106% Times New Roman, Times, Serif; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            registration statement covers an indeterminate amount of securities to be offered or sold
                                            and the filing fee will be calculated and paid in accordance with Rule 456(d) and Rule 457(u).</FONT></TD></TR></TABLE>


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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">December 16, 2022</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 5</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Table
2: Fee Offset Claims and Sources</U></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font: 1pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 1pt Times New Roman, Times, Serif; width: 6%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 1pt/105% Times New Roman, Times, Serif; text-align: center; width: 10%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 1pt/105% Times New Roman, Times, Serif; text-align: center; width: 5%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 1pt/105% Times New Roman, Times, Serif; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center; width: 9%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 1pt/105% Times New Roman, Times, Serif; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center; width: 8%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 1pt/105% Times New Roman, Times, Serif; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center; width: 5%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 1pt/105% Times New Roman, Times, Serif; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center; width: 9%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 1pt/105% Times New Roman, Times, Serif; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center; width: 10%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 1pt/105% Times New Roman, Times, Serif; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center; width: 11%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 0.5pt solid; border-bottom: Black 1pt solid; font: 1pt/105% Times New Roman, Times, Serif; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center; width: 8%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 1pt/105% Times New Roman, Times, Serif; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center; width: 10%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 0.5pt solid; border-bottom: Black 1pt solid; font: 1pt/105% Times New Roman, Times, Serif; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center; width: 9%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 1.2pt; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; border-top: black 0.5pt solid; border-bottom: black 0.75pt solid; border-left: black 0.5pt solid; padding-left: 1.2pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.2pt; white-space: nowrap; font: 10pt/105% Times New Roman, Times, Serif; border-top: black 0.5pt solid; border-bottom: black 0.75pt solid; border-left: black 0.5pt solid; text-align: center; padding-left: 1.2pt"><FONT STYLE="font-size: 10pt"><B>Registrant<BR>
or Filer<BR>
Name</B></FONT></TD>
    <TD STYLE="padding-right: 1.2pt; white-space: nowrap; font: 10pt/105% Times New Roman, Times, Serif; border-top: black 0.5pt solid; border-bottom: black 0.75pt solid; border-left: black 0.5pt solid; text-align: center; padding-left: 1.2pt"><FONT STYLE="font-size: 10pt"><B>Form or<BR>
Filing<BR>
Type</B></FONT></TD>
    <TD STYLE="border-top: black 0.5pt solid; white-space: nowrap; font: 10pt/105% Times New Roman, Times, Serif; border-bottom: black 0.75pt solid; border-left: black 0.5pt solid; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>File<BR>
Number</B></FONT></TD>
    <TD STYLE="border-top: black 0.5pt solid; white-space: nowrap; font: 10pt/105% Times New Roman, Times, Serif; border-bottom: black 0.75pt solid; border-left: black 0.5pt solid; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Initial<BR>
Filing Date</B></FONT></TD>
    <TD STYLE="border-top: black 0.5pt solid; white-space: nowrap; font: 10pt/105% Times New Roman, Times, Serif; border-bottom: black 0.75pt solid; border-left: black 0.5pt solid; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Filing<BR>
Date</B></FONT></TD>
    <TD STYLE="border-top: black 0.5pt solid; white-space: nowrap; font: 10pt/105% Times New Roman, Times, Serif; border-bottom: black 0.75pt solid; border-left: black 0.5pt solid; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fee Offset<BR>
Claimed</B></FONT></TD>
    <TD STYLE="border-top: black 0.5pt solid; white-space: nowrap; font: 10pt/105% Times New Roman, Times, Serif; border-bottom: black 0.75pt solid; border-left: black 0.5pt solid; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security <BR>
Type <BR>
Associated<BR>
with Fee <BR>
Offset <BR>
Claimed</B></FONT></TD>
    <TD STYLE="border-top: black 0.5pt solid; white-space: nowrap; font: 10pt/105% Times New Roman, Times, Serif; border-bottom: black 1pt solid; border-left: black 0.5pt solid; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security<BR>
Title<BR>
Associated<BR>
with Fee<BR>
Offset<BR>
Claimed</B></FONT></TD>
    <TD STYLE="border-top: black 0.5pt solid; white-space: nowrap; font: 10pt/105% Times New Roman, Times, Serif; border-right: black 0.5pt solid; border-bottom: black 0.75pt solid; border-left: black 0.5pt solid; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Unsold<BR>
Securities<BR>
Associated<BR>
with Fee<BR>
Offset<BR>
Claimed</B></FONT></TD>
    <TD STYLE="border-top: black 0.5pt solid; white-space: nowrap; font: 10pt/105% Times New Roman, Times, Serif; border-bottom: black 0.75pt solid; border-left: black 0.5pt solid; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Unsold<BR>
Aggregate<BR>
Offering<BR>
Amount<BR>
Associated<BR>
with Fee<BR>
Offset<BR>
Claimed</B></FONT></TD>
    <TD STYLE="border-top: black 0.5pt solid; white-space: nowrap; font: 10pt/105% Times New Roman, Times, Serif; border-right: black 0.5pt solid; border-bottom: black 0.75pt solid; border-left: black 0.5pt solid; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fee Paid<BR>
with Fee<BR>
Offset<BR>
Source</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="12" STYLE="border-top: Black 0.5pt solid; font: 10pt/105% Times New Roman, Times, Serif; border-right: Black 0.5pt solid; border-bottom: Black 1pt solid; border-left: Black 0.5pt solid; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Rule 457(p)</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt/105% Times New Roman, Times, Serif; border: black 0.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Fee Offset Claims</FONT></TD>
    <TD STYLE="font: 10pt/105% Times New Roman, Times, Serif; border: black 0.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">United States Brent Oil Fund</FONT></TD>
    <TD STYLE="font: 10pt/105% Times New Roman, Times, Serif; border: black 0.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-3</FONT></TD>
    <TD STYLE="font: 10pt/105% Times New Roman, Times, Serif; border: black 0.5pt solid; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center"><FONT STYLE="font-size: 10pt">333-238282</FONT></TD>
    <TD STYLE="font: 10pt/105% Times New Roman, Times, Serif; border: black 0.5pt solid; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center"><FONT STYLE="font-size: 10pt">March 13, 2020</FONT></TD>
    <TD STYLE="font: 10pt/105% Times New Roman, Times, Serif; border: black 0.5pt solid; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt/105% Times New Roman, Times, Serif; border: black 0.5pt solid; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center"><FONT STYLE="font-size: 10pt">$181,945.64</FONT></TD>
    <TD STYLE="font: 10pt/105% Times New Roman, Times, Serif; border: black 0.5pt solid; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center"><FONT STYLE="font-size: 10pt">Exchange-Traded Vehicle Securities</FONT></TD>
    <TD STYLE="font: 10pt/105% Times New Roman, Times, Serif; border: black 0.5pt solid; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center"><FONT STYLE="font-size: 10pt">United States Brent Oil Fund</FONT></TD>
    <TD STYLE="font: 10pt/105% Times New Roman, Times, Serif; border: black 0.5pt solid; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center"><FONT STYLE="font-size: 10pt">32,600,000</FONT></TD>
    <TD STYLE="font: 10pt/105% Times New Roman, Times, Serif; border: black 0.5pt solid; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center"><FONT STYLE="font-size: 10pt">$328,608,000</FONT></TD>
    <TD STYLE="font: 10pt/105% Times New Roman, Times, Serif; border: black 0.5pt solid; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt/105% Times New Roman, Times, Serif; border: black 0.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Fee Offset Sources</FONT></TD>
    <TD STYLE="font: 10pt/105% Times New Roman, Times, Serif; border: black 0.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">United States Brent Oil Fund</FONT></TD>
    <TD STYLE="font: 10pt/105% Times New Roman, Times, Serif; border: black 0.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;S-3</FONT></TD>
    <TD STYLE="font: 10pt/105% Times New Roman, Times, Serif; border: black 0.5pt solid; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center"><FONT STYLE="font-size: 10pt">333-238282</FONT></TD>
    <TD STYLE="font: 10pt/105% Times New Roman, Times, Serif; border: black 0.5pt solid; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center"><FONT STYLE="font-size: 10pt">March 13, 2020</FONT></TD>
    <TD STYLE="font: 10pt/105% Times New Roman, Times, Serif; border: black 0.5pt solid; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt/105% Times New Roman, Times, Serif; border: black 0.5pt solid; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt/105% Times New Roman, Times, Serif; border: black 0.5pt solid; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center"><FONT STYLE="font-size: 10pt">Exchange-Traded Vehicle Securities</FONT></TD>
    <TD STYLE="font: 10pt/105% Times New Roman, Times, Serif; border: black 0.5pt solid; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center"><FONT STYLE="font-size: 10pt">United States Brent Oil Fund</FONT></TD>
    <TD STYLE="font: 10pt/105% Times New Roman, Times, Serif; border: black 0.5pt solid; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center"><FONT STYLE="font-size: 10pt">32,600,000</FONT></TD>
    <TD STYLE="font: 10pt/105% Times New Roman, Times, Serif; border: black 0.5pt solid; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center"><FONT STYLE="font-size: 10pt">$328,608,000</FONT></TD>
    <TD STYLE="font: 10pt/105% Times New Roman, Times, Serif; border: black 0.5pt solid; padding-right: 1.2pt; padding-left: 1.2pt; text-align: center"><FONT STYLE="font-size: 10pt">$181,945.64</FONT></TD></TR>
  </TABLE>



<DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 6pt; border-bottom: Gainsboro 2pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
