United States Oil Fund (USO) 10-K21 Feb 202019 FY Annual reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2019	Feb. 18, 2020	Jun. 30, 2019
Document And Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-32834
Entity Registrant Name	United States Oil Fund, LP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-2830691
Entity Address, Address Line One	1850 Mt. Diablo Boulevard, Suite 640
Entity Address, City or Town	Walnut Creek
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94596
City Area Code	510
Local Phone Number	522-9600
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 1,450,820,000
Title of 12(b) Security	Shares of United States Oil Fund, LP
Security Exchange Name	NYSEArca
Trading Symbol	USO
Entity Common Stock, Shares Outstanding		148,500,000
Entity Central Index Key	0001327068
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents (at cost $1,026,973,397 and $1,223,159,803, respectively) (Notes 2 and 5)	$ 1,026,973,397	$ 1,223,159,803
Equity in trading accounts:
Cash and cash equivalents (at cost $149,272,014 and $433,776,173, respectively)	149,272,014	433,776,173
Unrealized gain (loss) on open commodity futures contracts	37,520,567	(194,392,958)
Receivable for shares sold	0	22,022,450
Dividends receivable	5,883	144,034
Interest receivable	28,199	29,030
Prepaid insurance	39,269	31,698
Prepaid registration fees	74,241	579,117
ETF transaction fees receivable	2,000	2,000
Total assets	1,213,915,570	1,485,351,347
Liabilities and Partners' Capital
Payable due to Broker	8,820,649	0
Payable for shares redeemed	32,023,655	14,377,830
General Partner management fees payable (Note 3)	467,894	583,978
Professional fees payable	1,453,996	1,741,281
Brokerage commissions payable	89,961	89,961
Directors' fees payable	43,388	42,947
License fees payable	39,769	53,638
Total liabilities	42,939,312	16,889,635
Partners' Capital
General Partner	0	0
Limited Partners	1,170,976,258	1,468,461,712
Total Partners' Capital	1,170,976,258	1,468,461,712
Total liabilities and partners' capital	$ 1,213,915,570	$ 1,485,351,347
Limited Partners' shares outstanding	91,600,000	153,200,000
Net asset value per share	$ 12.78	$ 9.59
Market value per share	$ 12.81	$ 9.66

Statements of Financial Condi_2

Statements of Financial Condition (Parenthetical) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statements of Financial Condition
Cash and Cash Equivalents	$ 1,026,973,397	$ 1,223,159,803	$ 1,846,630,713
Equity in trading accounts:
Cash and Cash Equivalents	$ 149,272,014	$ 433,776,173	$ 144,626,242

Schedule of Investments

Schedule of Investments	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Value/ Unrealized Gain (Loss) on Open Commodity Contracts	$ 37,520,567	$ (194,392,958)
Open Futures Contracts- Long \| United States Contracts \| NYMEX WTI Crude Oil Futures CL February 2020 contracts, expiring January 2020
Notional Amount	$ 1,133,488,110
Number of Contracts	19,178
Value/ Unrealized Gain (Loss) on Open Commodity Contracts	$ 37,520,567
% of Partners' Capital	3.20%
Open Futures Contracts- Long \| United States Contracts \| NYMEX WTI Crude Oil Futures CL February 2019 contracts, expiring January 2019
Notional Amount		$ 1,662,952,358
Number of Contracts		32,340
Value/ Unrealized Gain (Loss) on Open Commodity Contracts		$ (194,392,958)
% of Partners' Capital		(13.24%)
Cash Equivalents
Market Value	$ 1,175,542,347	$ 1,334,416,220
% of Partners' Capital	100.39%	90.87%
Cash Equivalents \| United States Money Market Funds
Market Value	$ 20,000,000	$ 52,000,000
% of Partners' Capital	1.71%	3.54%
Cash Equivalents \| United States Money Market Funds \| Goldman Sachs Financial Square Funds - Government Fund - Class FS [Member]
Principal Amount		$ 17,000,000
Market Value		$ 17,000,000
% of Partners' Capital		1.16%
Cash Equivalents \| United States Money Market Funds \| Morgan Stanley Institutional Liquidity Funds - Government Portfolio [Member]
Principal Amount		$ 35,000,000
Market Value		$ 35,000,000
% of Partners' Capital		2.38%
Cash Equivalents \| United States Money Market Funds \| Fidelity Investments Money Market Funds - Government Portfolio
Principal Amount	$ 20,000,000
Cash Equivalents \| United States Treasury Obligations
Market Value	$ 1,155,542,347	$ 1,282,416,220
% of Partners' Capital	98.68%	87.33%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.05%, 1/02/2020
Principal Amount	$ 25,000,000
Market Value	$ 24,998,594
% of Partners' Capital	2.13%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.03%, 1/09/2020
Principal Amount	$ 50,000,000
Market Value	$ 49,977,667
% of Partners' Capital	4.27%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.02%, 1/30/2020
Principal Amount	$ 50,000,000
Market Value	$ 49,919,525
% of Partners' Capital	4.27%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.04%, 1/23/2020
Principal Amount	$ 50,000,000
Market Value	$ 49,938,369
% of Partners' Capital	4.26%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.01%, 1/16/2020
Principal Amount	$ 50,000,000
Market Value	$ 49,958,646
% of Partners' Capital	4.27%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 1.89%, 2/06/2020
Principal Amount	$ 50,000,000
Market Value	$ 49,906,251
% of Partners' Capital	4.26%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 1.87%, 2/13/2020
Principal Amount	$ 50,000,000
Market Value	$ 49,889,215
% of Partners' Capital	4.26%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 1.85%, 2/20/2020
Principal Amount	$ 50,000,000
Market Value	$ 49,872,569
% of Partners' Capital	4.26%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 1.85%, 2/27/2020
Principal Amount	$ 50,000,000
Market Value	$ 49,855,126
% of Partners' Capital	4.26%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 1.83%, 3/05/2020
Principal Amount	$ 100,000,000
Market Value	$ 99,677,067
% of Partners' Capital	8.51%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 1.84%, 3/19/2020
Principal Amount	$ 50,000,000
Market Value	$ 49,802,833
% of Partners' Capital	4.25%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 1.88%, 3/26/2020
Principal Amount	$ 50,000,000
Market Value	$ 49,780,417
% of Partners' Capital	4.25%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 1.70%, 4/02/2020
Principal Amount	$ 50,000,000
Market Value	$ 49,784,056
% of Partners' Capital	4.25%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 1.64%, 4/09/2020
Principal Amount	$ 50,000,000
Market Value	$ 49,775,875
% of Partners' Capital	4.25%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 1.60%, 4/16/2020
Principal Amount	$ 50,000,000
Market Value	$ 49,765,917
% of Partners' Capital	4.25%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 1.60%, 4/23/2020
Principal Amount	$ 50,000,000
Market Value	$ 49,750,458
% of Partners' Capital	4.25%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 1.59%, 4/30/2020
Principal Amount	$ 50,000,000
Market Value	$ 49,737,500
% of Partners' Capital	4.25%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 1.54%, 5/07/2020
Principal Amount	$ 45,000,000
Market Value	$ 44,757,906
% of Partners' Capital	3.82%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 1.55%, 5/14/2020
Principal Amount	$ 30,000,000
Market Value	$ 29,828,033
% of Partners' Capital	2.55%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 1.55%, 5/21/2020
Principal Amount	$ 30,000,000
Market Value	$ 29,819,638
% of Partners' Capital	2.55%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 1.58%, 5/28/2020
Principal Amount	$ 30,000,000
Market Value	$ 29,806,367
% of Partners' Capital	2.55%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 1.53%, 6/04/2020
Principal Amount	$ 40,000,000
Market Value	$ 39,738,222
% of Partners' Capital	3.39%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 1.53%, 6/11/2020
Principal Amount	$ 30,000,000
Market Value	$ 29,794,463
% of Partners' Capital	2.54%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 1.54%, 6/18/2020
Principal Amount	$ 40,000,000
Market Value	$ 39,712,700
% of Partners' Capital	3.39%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 1.57%, 6/25/2020
Principal Amount	$ 40,000,000
Market Value	$ 39,694,933
% of Partners' Capital	3.39%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.10%, 1/10/2019
Principal Amount		$ 60,000,000
Market Value		$ 59,968,800
% of Partners' Capital		4.08%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.13%, 1/17/2019
Principal Amount		$ 50,000,000
Market Value		$ 49,953,111
% of Partners' Capital		3.40%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.15%, 1/24/2019
Principal Amount		$ 70,000,000
Market Value		$ 69,904,965
% of Partners' Capital		4.76%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.18%, 1/31/2019
Principal Amount		$ 60,000,000
Market Value		$ 59,892,250
% of Partners' Capital		4.08%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.20%, 2/07/2019
Principal Amount		$ 50,000,000
Market Value		$ 49,888,229
% of Partners' Capital		3.40%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.19%, 2/14/2019
Principal Amount		$ 60,000,000
Market Value		$ 59,840,867
% of Partners' Capital		4.07%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.20%, 2/21/2019
Principal Amount		$ 50,000,000
Market Value		$ 49,845,583
% of Partners' Capital		3.39%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.24%, 2/28/2019
Principal Amount		$ 50,000,000
Market Value		$ 49,821,569
% of Partners' Capital		3.39%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.38%, 3/07/2019
Principal Amount		$ 50,000,000
Market Value		$ 49,787,396
% of Partners' Capital		3.39%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.28%, 3/14/2019
Principal Amount		$ 50,000,000
Market Value		$ 49,774,500
% of Partners' Capital		3.39%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.33%, 3/21/2019
Principal Amount		$ 50,000,000
Market Value		$ 49,747,639
% of Partners' Capital		3.39%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.34%, 3/28/2019
Principal Amount		$ 50,000,000
Market Value		$ 49,724,084
% of Partners' Capital		3.39%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.37%, 4/04/2019
Principal Amount		$ 50,000,000
Market Value		$ 49,697,104
% of Partners' Capital		3.38%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.41%, 4/11/2019
Principal Amount		$ 60,000,000
Market Value		$ 59,602,500
% of Partners' Capital		4.06%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.42%, 4/18/2019
Principal Amount		$ 50,000,000
Market Value		$ 49,644,076
% of Partners' Capital		3.38%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.43%, 4/25/2019
Principal Amount		$ 50,000,000
Market Value		$ 49,620,000
% of Partners' Capital		3.38%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.46%, 5/02/2019
Principal Amount		$ 60,000,000
Market Value		$ 59,510,958
% of Partners' Capital		4.05%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.47%, 5/09/2019
Principal Amount		$ 50,000,000
Market Value		$ 49,567,111
% of Partners' Capital		3.38%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.48%, 5/16/2019
Principal Amount		$ 50,000,000
Market Value		$ 49,540,625
% of Partners' Capital		3.37%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.50%, 5/23/2019
Principal Amount		$ 50,000,000
Market Value		$ 49,513,847
% of Partners' Capital		3.37%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.49%, 5/30/2019
Principal Amount		$ 50,000,000
Market Value		$ 49,491,434
% of Partners' Capital		3.37%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.51%, 6/06/2019
Principal Amount		$ 50,000,000
Market Value		$ 49,463,750
% of Partners' Capital		3.37%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.51%, 6/13/2019
Principal Amount		$ 50,000,000
Market Value		$ 49,438,555
% of Partners' Capital		3.37%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.49%, 6/20/2019
Principal Amount		$ 50,000,000
Market Value		$ 49,419,167
% of Partners' Capital		3.37%
Cash Equivalents \| United States Treasury Obligations \| U.S. Treasury Bills, 2.49%, 6/27/2019
Principal Amount		$ 20,000,000
Market Value		$ 19,758,100
% of Partners' Capital		1.35%

Schedule of Investments (Parent

Schedule of Investments (Parenthetical) - USD ($)	12 Months Ended
Schedule of Investments (Parenthetical) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Collateral Amount On Open Futures Contracts	$ 149,272,014	$ 433,776,173
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.05%, 1/02/2020
Interest rate	2.05%
Expiration date	1/02/2020
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.03%, 1/09/2020
Interest rate	2.03%
Expiration date	1/09/2020
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.01%, 1/16/2020
Interest rate	2.01%
Expiration date	1/16/2020
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.04%, 1/23/2020
Interest rate	2.04%
Expiration date	1/23/2020
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.02%, 1/30/2020
Interest rate	2.02%
Expiration date	1/30/2020
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 1.89%, 2/06/2020
Interest rate	1.89%
Expiration date	2/06/2020
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 1.87%, 2/13/2020
Interest rate	1.87%
Expiration date	2/13/2020
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 1.85%, 2/20/2020
Interest rate	1.85%
Expiration date	2/20/2020
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 1.85%, 2/27/2020
Interest rate	1.85%
Expiration date	2/27/2020
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 1.83%, 3/05/2020
Interest rate	1.83%
Expiration date	3/05/2020
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 1.84%, 3/19/2020
Interest rate	1.84%
Expiration date	3/19/2020
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 1.88%, 3/26/2020
Interest rate	1.88%
Expiration date	3/26/2020
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 1.70%, 4/02/2020
Interest rate	1.70%
Expiration date	4/02/2020
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 1.64%, 4/09/2020
Interest rate	1.64%
Expiration date	4/09/2020
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 1.60%, 4/16/2020
Interest rate	1.60%
Expiration date	4/16/2020
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 1.60%, 4/23/2020
Interest rate	1.60%
Expiration date	4/23/2020
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 1.59%, 4/30/2020
Interest rate	1.59%
Expiration date	4/30/2020
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 1.54%, 5/07/2020
Interest rate	1.54%
Expiration date	5/07/2020
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 1.55%, 5/14/2020
Interest rate	1.55%
Expiration date	5/14/2020
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 1.55%, 5/21/2020
Interest rate	1.55%
Expiration date	5/21/2020
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 1.58%, 5/28/2020
Interest rate	1.58%
Expiration date	5/28/2020
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 1.53%, 6/04/2020
Interest rate	1.53%
Expiration date	6/04/2020
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 1.53%, 6/11/2020
Interest rate	1.53%
Expiration date	6/11/2020
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 1.54%, 6/18/2020
Interest rate	1.54%
Expiration date	6/18/2020
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 1.57%, 6/25/2020
Interest rate	1.57%
Expiration date	6/25/2020
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.10%, 1/10/2019
Interest rate		2.10%
Expiration date		1/10/2019
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.13%, 1/17/2019
Interest rate		2.13%
Expiration date		1/17/2019
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.15%, 1/24/2019
Interest rate		2.15%
Expiration date		1/24/2019
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.18%, 1/31/2019
Interest rate		2.18%
Expiration date		1/31/2019
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.20%, 2/07/2019
Interest rate		2.20%
Expiration date		2/07/2019
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.19%, 2/14/2019
Interest rate		2.19%
Expiration date		2/14/2019
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.20%, 2/21/2019
Interest rate		2.20%
Expiration date		2/21/2019
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.24%, 2/28/2019
Interest rate		2.24%
Expiration date		2/28/2019
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.38%, 3/07/2019
Interest rate		2.38%
Expiration date		3/07/2019
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.28%, 3/14/2019
Interest rate		2.28%
Expiration date		3/14/2019
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.33%, 3/21/2019
Interest rate		2.33%
Expiration date		3/21/2019
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.34%, 3/28/2019
Interest rate		2.34%
Expiration date		3/28/2019
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.37%, 4/04/2019
Interest rate		2.37%
Expiration date		4/04/2019
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.41%, 4/11/2019
Interest rate		2.41%
Expiration date		4/11/2019
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.42%, 4/18/2019
Interest rate		2.42%
Expiration date		4/18/2019
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.43%, 4/25/2019
Interest rate		2.43%
Expiration date		4/25/2019
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.46%, 5/02/2019
Interest rate		2.46%
Expiration date		5/02/2019
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.47%, 5/09/2019
Interest rate		2.47%
Expiration date		5/09/2019
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.48%, 5/16/2019
Interest rate		2.48%
Expiration date		5/16/2019
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.50%, 5/23/2019
Interest rate		2.50%
Expiration date		5/23/2019
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.49%, 5/30/2019
Interest rate		2.49%
Expiration date		5/30/2019
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.51%, 6/06/2019
Interest rate		2.51%
Expiration date		6/06/2019
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.51%, 6/13/2019
Interest rate		2.51%
Expiration date		6/13/2019
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.49%, 6/20/2019
Interest rate		2.49%
Expiration date		6/20/2019
United States Treasury Obligations \| Cash Equivalents \| U.S. Treasury Bills, 2.49%, 6/27/2019
Interest rate		2.49%
Expiration date		6/27/2019

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
Statements of Operations - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed futures contracts	$ 220,179,889	$ 1,603,334	$ 70,673,279
Change in unrealized gain (loss) on open futures contracts	231,913,525	(312,173,308)	6,489,790
Realized gain (loss) on short-term investments	11,258	(3,070)	0
Dividend income	2,957,196	2,213,034	3,417,005
Interest income	29,461,116	29,889,589	18,149,989
ETF transaction fees	312,000	358,000	360,000
Total income (loss)	484,834,984	(278,112,421)	99,090,063
Expenses
General Partner management fees (Note 3)	6,461,273	8,147,165	11,901,563
Professional fees	1,440,997	1,539,401	2,437,428
Brokerage commissions	2,423,017	2,538,611	4,675,687
Directors' fees and insurance	333,741	316,185	357,844
License fees	215,376	271,572	396,719
Registration fees	504,876	349,290	348,425
Total expenses	11,379,280	13,162,224	20,117,666
Net income (loss)	$ 473,455,704	$ (291,274,645)	$ 78,972,397
Net income (loss) per limited partnership share	$ 3.19	$ (2.49)	$ 0.37
Net income (loss) per weighted average limited partnership share	$ 3.90	$ (2.13)	$ 0.31
Weighted average limited partnership shares outstanding	121,247,671	137,006,575	253,222,466

Statement of Changes in Partner

Statement of Changes in Partners' Capital - USD ($)	General Partner	Limited Partners	Total
Beginning Balance at Dec. 31, 2016	$ 0	$ 3,101,956,669	$ 3,101,956,669
Addition of partnership shares	0	4,177,335,976	4,177,335,976
Redemption of partnership shares	0	(5,338,733,632)	(5,338,733,632)
Net income (loss)	0	78,972,397	78,972,397
Ending Balance at Dec. 31, 2017	0	2,019,531,410	$ 2,019,531,410
Net asset value, beginning of year at Dec. 31, 2016			$ 11.71
Net asset value, end of year at Dec. 31, 2017			$ 12.08
Addition of partnership shares	0	3,972,118,855	$ 3,972,118,855
Redemption of partnership shares	0	(4,231,913,908)	(4,231,913,908)
Net income (loss)	0	(291,274,645)	(291,274,645)
Ending Balance at Dec. 31, 2018	0	1,468,461,712	$ 1,468,461,712
Net asset value, end of year at Dec. 31, 2018			$ 9.59
Addition of partnership shares	0	3,196,742,422	$ 3,196,742,422
Redemption of partnership shares	0	(3,967,683,580)	(3,967,683,580)
Net income (loss)	0	473,455,704	473,455,704
Ending Balance at Dec. 31, 2019	$ 0	$ 1,170,976,258	$ 1,170,976,258
Net asset value, end of year at Dec. 31, 2019			$ 12.78

Statement of Changes in Partn_2

Statement of Changes in Partners' Capital (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statements of Changes in Partners' Capital
Addition of partnership units	273,100,000	307,500,000	410,300,000
Redemption of partnership units	334,700,000	321,500,000	508,100,000

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
Statements of Cash Flows - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash Flows from Operating Activities:
Net income (loss)	$ 473,455,704	$ (291,274,645)	$ 78,972,397
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Unrealized (gain) loss on open futures contracts	(231,913,525)	312,173,308	(6,489,790)
(Increase) decrease in dividends receivable	138,151	10,305	68,612
(Increase) decrease in interest receivable	831	3,152	(32,182)
(Increase) decrease in prepaid insurance	(7,571)	(5,114)	1,590
(Increase) decrease in prepaid registration fees	504,876	349,290	348,425
(Increase) decrease in ETF transaction fees receivable	0	0	3,000
Increase (decrease) in payable due to Broker	8,820,649	(57,283,329)	(53,495,599)
Increase (decrease) in General Partner management fees payable	(116,084)	(215,644)	(456,590)
Increase (decrease) in professional fees payable	(287,285)	(317,442)	229,229
Increase (decrease) in brokerage commissions payable	0	(98,000)	(48,000)
Increase (decrease) in directors' fees payable	441	(5,425)	(5,918)
Increase (decrease) in license fees payable	(13,869)	(21,487)	(75,801)
Net cash provided by (used in) operating activities	250,582,318	(36,685,031)	19,019,373
Cash Flows from Financing Activities:
Addition of partnership shares	3,218,764,872	3,988,747,637	4,138,684,744
Redemption of partnership shares	(3,950,037,755)	(4,286,383,585)	(5,336,829,913)
Net cash provided by (used in) financing activities	(731,272,883)	(297,635,948)	(1,198,145,169)
Net Increase (Decrease) in Cash and Cash Equivalents	(480,690,565)	(334,320,979)	(1,179,125,796)
Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of year	1,656,935,976	1,991,256,955	3,170,382,751
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of year	$ 1,176,245,411	$ 1,656,935,976	$ 1,991,256,955

Statements of Cash Flows (Paren

Statements of Cash Flows (Parenthetical) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Components of Cash and Cash Equivalents:
Cash and Cash Equivalents	$ 1,026,973,397	$ 1,223,159,803	$ 1,846,630,713
Equity in Trading Accounts
Cash and Cash Equivalents	149,272,014	433,776,173	144,626,242
Total Cash, Cash Equivalents and Equity in Trading Accounts	$ 1,176,245,411	$ 1,656,935,976	$ 1,991,256,955

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	12 Months Ended
ORGANIZATION AND BUSINESS	Dec. 31, 2019
ORGANIZATION AND BUSINESS
ORGANIZATION AND BUSINESS	NOTE 1 — ORGANIZATION AND BUSINESS The United States Oil Fund, LP (“USO”) was organized as a limited partnership under the laws of the state of Delaware on May 12, 2005. USO is a commodity pool that issues limited partnership shares (“shares”) that may be purchased and sold on the NYSE Arca, Inc. (the “NYSE Arca”). Prior to November 25, 2008, USO’s shares traded on the American Stock Exchange (the “AMEX”). USO will continue in perpetuity, unless terminated sooner upon the occurrence of one or more events as described in its Seventh Amended and Restated Agreement of Limited Partnership dated as of December 15, 2017 (the “LP Agreement”). The investment objective of USO is for the daily changes in percentage terms of its shares’ per share net asset value (“NAV”) to reflect the daily changes in percentage terms of the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, as measured by the daily changes in the price of the futures contract for light, sweet crude oil traded on the New York Mercantile Exchange (the “NYMEX”) that is the near month contract to expire, except when the near month contract is within two weeks of expiration, in which case it will be measured by the futures contract that is the next month contract to expire (the “Benchmark Oil Futures Contract”), plus interest earned on USO’s collateral holdings, less USO’s expenses. USO’s investment objective is not nor greater than one day United States Commodity Funds LLC (“USCF”), the general partner of USO, believes that it is not practical to manage the portfolio to achieve such an investment goal when investing in Oil Futures Contracts (as defined below) and Other Oil-Related Investments (as defined below). USO accomplishes its objective through investments in futures contracts for light, sweet crude oil and other types of crude oil, diesel-heating oil, gasoline, natural gas and other petroleum-based fuels that are traded on the NYMEX, ICE Futures or other U.S. and foreign exchanges (collectively, “Oil Futures Contracts”) and other oil-related investments such as cash-settled options on Oil Futures Contracts, forward contracts for oil, cleared swap contracts and over-the-counter (“OTC”) transactions that are based on the price of crude oil, diesel-heating oil, gasoline, natural gas and other petroleum-based fuels, Oil Futures Contracts and indices based on the foregoing (collectively, “Other Oil-Related Investments”). As of December 31, 2019, USO held 19,178 Oil Futures Contracts for light, sweet crude oil traded on the NYMEX and did not hold any Oil Futures Contracts for light, sweet crude oil traded on the ICE Futures Europe. USO commenced investment operations on April 10, 2006 and has a fiscal year ending on December 31. USCF is responsible for the management of USO. USCF is a member of the National Futures Association (the “NFA”) and became registered as a commodity pool operator with the Commodity Futures Trading Commission (the “CFTC”) effective December 1, 2005 and a swaps firm on August 8, 2013. USCF is also the general partner of the United States Natural Gas Fund, LP (“UNG”), the United States 12 Month Oil Fund, LP (“USL”) and the United States Gasoline Fund, LP (“UGA”), which listed their limited partnership shares on the AMEX under the ticker symbols “UNG” on April 18, 2007, “USL” on December 6, 2007 and “UGA” on February 26, 2008, respectively. As a result of the acquisition of the AMEX by NYSE Euronext, each of UNG’s, USL’s and UGA’s shares commenced trading on the NYSE Arca on November 25, 2008. USCF is also the general partner of the United States 12 Month Natural Gas Fund, LP (“UNL”) and the United States Brent Oil Fund, LP (“BNO”), which listed their limited partnership shares on the NYSE Arca under the ticker symbols “UNL” on November 18, 2009 and “BNO” on June 2, 2010, respectively. USCF previously served as the general partner for the United States Short Oil Fund, LP (“DNO”) and the United States Diesel-Heating Oil Fund, LP (“UHN”), both of which were liquidated in 2018. USCF is also the sponsor of the United States Commodity Index Fund (“USCI”), the United States Copper Index Fund (“CPER”) and the USCF Crescent Crypto Index Fund (“XBET”), each a series of the United States Commodity Index Funds Trust (“USCIFT”). USCF previously served as the sponsor for the United States Agricultural Index Fund (“USAG”) a series of USCIFT which was liquidated in 2018. XBET is currently in registration and has not commenced operations. USCI and CPER listed their shares on the NYSE Arca under the ticker symbols “USCI” on August 10, 2010 and “CPER” on November 15, 2011, respectively. In addition, USCF is the sponsor of the USCF Funds Trust, a Delaware statutory trust, and each of its series, the United States 3x Oil Fund (“USOU”) and the United States 3x Short Oil Fund (“USOD”), which listed their shares on the NYSE Arca on July 20, 2017 under the ticker symbols “USOU” and “USOD”, respectively. Each of USOU and USOD liquidated all of its assets and distributed cash pro rata to all remaining shareholders in December 2019. USO, UNG, UGA, UNL, USL, BNO, USCI and CPER are referred to collectively herein as the “Related Public Funds.” USO issues shares to certain authorized purchasers (“Authorized Participants”) by offering baskets consisting of 100,000 shares (“Creation Baskets”) through ALPS Distributors, Inc., as the marketing agent (the “Marketing Agent”). The purchase price for a Creation Basket is based upon the NAV of a share calculated shortly after the close of the core trading session on the NYSE Arca on the day the order to create the basket is properly received. Authorized Participants pay USO a $1,000 transaction fee for each order placed to create one or more Creation Baskets or to redeem one or more baskets (“Redemption Baskets”), consisting of 100,000 shares. Shares may be purchased or sold on a nationally recognized securities exchange in smaller increments than a Creation Basket or Redemption Basket. Shares purchased or sold on a nationally recognized securities exchange are not purchased or sold at the per share NAV of USO but rather at market prices quoted on such exchange. In April 2006, USO initially registered 17,000,000 shares on Form S-1 with the U.S. Securities and Exchange Commission (the “SEC”). On April 10, 2006, USO listed its shares on the AMEX under the ticker symbol “USO” and switched to trading on the NYSE Arca under the same ticker symbol on November 25, 2008. On that day, USO established its initial per share NAV by setting the price at $67.39 and issued 200,000 shares in exchange for $13,479,000. USO also commenced investment operations on April 10, 2006, by purchasing Oil Futures Contracts traded on the NYMEX based on light, sweet crude oil. As of December 31, 2019, USO had registered a total of 3,227,000,000 shares.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") as detailed in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification. USO is an investment company and follows the accounting and reporting guidance in FASB Topic 946. Revenue Recognition Commodity futures contracts, forward contracts, physical commodities and related options are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized gains or losses on open contracts are reflected in the statements of financial condition and represent the difference between the original contract amount and the market value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical commodities, and their related options) as of the last business day of the year or as of the last date of the financial statements. Changes in the unrealized gains or losses between periods are reflected in the statements of operations. USO earns income on funds held at the custodian or a futures commission merchant (“FCM”) at prevailing market rates earned on such investments. Brokerage Commissions Brokerage commissions on all open commodity futures contracts are accrued on a full-turn basis. Income Taxes USO is not subject to federal income taxes; each partner reports his/her allocable share of income, gain, loss deductions or credits on his/her own income tax return. In accordance with U.S. GAAP, USO is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any tax related appeals or litigation processes, based on the technical merits of the position. USO files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states. USO is not subject to income tax return examinations by major taxing authorities for years before 2016. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in USO recording a tax liability that reduces net assets. However, USO’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analysis of and changes to tax laws, regulations and interpretations thereof. USO recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the year ended December 31, 2019. Creations and Redemptions Authorized Participants may purchase Creation Baskets or redeem Redemption Baskets only in blocks of 100,000 shares at a price equal to the NAV of the shares calculated shortly after the close of the core trading session on the NYSE Arca on the day the order is placed. USO receives or pays the proceeds from shares sold or redeemed within two business days after the trade date of the purchase or redemption. The amounts due from Authorized Participants are reflected in USO’s statements of financial condition as receivable for shares sold and amounts payable to Authorized Participants upon redemption are reflected as payable for shares redeemed. Authorized Participants pay USO a $1,000 transaction fee for each order placed to create one or more Creation Baskets or to redeem one or more Redemption Baskets. Partnership Capital and Allocation of Partnership Income and Losses Profit or loss shall be allocated among the partners of USO in proportion to the number of shares each partner holds as of the close of each month. USCF may revise, alter or otherwise modify this method of allocation as described in the LP Agreement . Calculation of Per Share NAV USO’s per share NAV is calculated on each NYSE Arca trading day by taking the current market value of its total assets, subtracting any liabilities and dividing that amount by the total number of shares outstanding. USO uses the closing price for the contracts on the relevant exchange on that day to determine the value of contracts held on such exchange. Net Income (Loss) Per Share Net income (loss) per share is the difference between the per share NAV at the beginning of each period and at the end of each period. The weighted average number of shares outstanding was computed for purposes of disclosing net income (loss) per weighted average share. The weighted average shares are equal to the number of shares outstanding at the end of the period, adjusted proportionately for shares added and redeemed based on the amount of time the shares were outstanding during such period. There were no shares held by USCF at December 31, 2019. Offering Costs Offering costs incurred in connection with the registration of additional shares after the initial registration of shares are borne by USO. These costs include registration fees paid to regulatory agencies and all legal, accounting, printing and other expenses associated with such offerings. These costs are accounted for as a deferred charge and thereafter amortized to expense over twelve months on a straight-line basis or a shorter period if warranted. Cash Equivalents Cash equivalents include money market funds and overnight deposits or time deposits with original maturity dates of six months or less. Reclassification Certain amounts in the accompanying financial statements were reclassified to conform to the current presentation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires USCF to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results may differ from those estimates and assumptions.

FEES PAID BY THE FUND AND RELAT

FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS	12 Months Ended
FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS	Dec. 31, 2019
FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS
FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS	NOTE 3 — FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS USCF Management Fee Under the LP Agreement, USCF is responsible for investing the assets of USO in accordance with the objectives and policies of USO. In addition, USCF has arranged for one or more third parties to provide administrative, custody, accounting, transfer agency and other necessary services to USO. For these services, USO is contractually obligated to pay USCF a fee, which is paid monthly, equal to 0.45% per annum of average daily total net assets. Ongoing Registration Fees and Other Offering Expenses USO pays all costs and expenses associated with the ongoing registration of its shares subsequent to the initial offering. These costs include registration or other fees paid to regulatory agencies in connection with the offer and sale of shares, and all legal, accounting, printing and other expenses associated with such offer and sale. For the years ended December 31, 2019, 2018 and 2017, USO incurred $504,876, $349,290 and $348,425 respectively, in registration fees and other offering expenses. Independent Directors’ and Officers’ Expenses USO is responsible for paying its portion of the directors’ and officers’ liability insurance for USO and the Related Public Funds and the fees and expenses of the independent directors who also serve as audit committee members of USO and the Related Public Funds. USO shares the fees and expenses on a pro rata basis with each Related Public Fund, as described above, based on the relative assets of each Related Public Fund computed on a daily basis. These fees and expenses for the year ended December 31, 2019 were $556,951 for USO and the Related Public Funds. USO's portion of such fees and expenses for the year ended December 31, 2019 was $333,741. For the year ended December 31, 2018, these fees and expenses were $521,689 for USO and the Related Public Funds. USO’s portion of such fees and expenses for the year ended December 31, 2018 was $316,185. For the year ended December 31, 2017, these fees and expenses were $536,375 for USO and the Related Public Funds. USO’s portion of such fees and expenses for the year ended December 31, 2017 was $357,844. Licensing Fees As discussed in Note 4 below, USO entered into a licensing agreement with the NYMEX on April 10, 2006, as amended on October 20, 2011. Pursuant to the agreement, USO and the Related Public Funds, other than BNO, USCI and CPER, pay a licensing fee that is equal to 0.015% on all net assets. During the years ended December 31, 2019, 2018 and 2017, USO incurred $215,376, $271,572 and $396,719, respectively, under this arrangement. Investor Tax Reporting Cost The fees and expenses associated with USO’s audit expenses and tax accounting and reporting requirements are paid by USO. These costs were approximately $1,440,997 for the year ended December 31, 2019, approximately $1,500,000 for the year ended December 31, 2018 and approximately $2,200,000 for the year ended December 31, 2017. Tax reporting costs fluctuate between years due to the number of shareholders during any given year. Other Expenses and Fees In addition to the fees described above, USO pays all brokerage fees and other expenses in connection with the operation of USO, excluding costs and expenses paid by USCF as outlined in Note 4 – Contracts and Agreements

CONTRACTS AND AGREEMENTS

CONTRACTS AND AGREEMENTS	12 Months Ended
CONTRACTS AND AGREEMENTS	Dec. 31, 2019
CONTRACTS AND AGREEMENTS
CONTRACTS AND AGREEMENTS	NOTE 4 — CONTRACTS AND AGREEMENTS Marketing Agent Agreement USO is party to a marketing agent agreement, dated as of March 13, 2006, as amended from time to time, with the Marketing Agent and USCF, whereby the Marketing Agent provides certain marketing services for USO as outlined in the agreement. The fees of the Marketing Agent, which are borne by USCF, include a marketing fee of $425,000 per annum plus the following incentive fee: 0.00% on USO’s assets from $0 – $500 million; 0.04% on USO’s assets from $500 million – $4 billion and 0.03% on USO’s assets in excess of $4 billion. In no event may the aggregate compensation paid to the Marketing Agent and any affiliate of USCF for distribution-related services exceed 10% of the gross proceeds of USO’s offering. The above fee does not include website construction and development, which are also borne by USCF. Brown Brothers Harriman & Co. Agreements USO is also party to a custodian agreement, dated March 13, 2006, as amended from time to time, with Brown Brothers Harriman & Co. (“BBH&Co.”) and USCF, whereby BBH&Co. holds investments on behalf of USO. USCF pays the fees of the custodian, which are determined by the parties from time to time. In addition, USO is party to an administrative agency agreement, dated March 13, 2006, as amended from time to time, with USCF and BBH&Co., whereby BBH&Co. acts as the administrative agent, transfer agent and registrar for USO. USCF also pays the fees of BBH&Co. for its services under such agreement and such fees are determined by the parties from time to time. Currently, USCF pays BBH&Co. for its services, in the foregoing capacities, a minimum amount of $75,000 annually for its custody, fund accounting and fund administration services rendered to USO and each of the Related Public Funds, as well as a $20,000 annual fee for its transfer agency services. In addition, USCF pays BBH&Co. an asset-based charge of (a) 0.06% for the first $500 million of the Related Public Funds’ combined net assets, (b) 0.0465% for the Related Public Funds’ combined net assets greater than $500 million but less than $1 billion, and (c) 0.035% once the Related Public Funds’ combined net assets exceed $1 billion. The annual minimum amount will not apply if the asset-based charge for all accounts in the aggregate exceeds $75,000. USCF also pays BBH&Co. transaction fees ranging from $7 to $15 per transaction. Brokerage and Futures Commission Merchant Agreements On October 8, 2013, USO entered into a brokerage agreement with RBC to serve as USO’s FCM effective October 10, 2013. The agreement with RBC requires it to provide services to USO in connection with the purchase and sale of Oil Futures Contracts and Other Oil-Related Investments that may be purchased and sold by or through RBC for USO’s account. In accordance with the agreement, RBC charges USO commissions of approximately $7 to $8 per round-turn trade, including applicable exchange, clearing and NFA fees for Oil Futures Contracts and options on Oil Futures Contracts. Such fees include those incurred when purchasing Oil Futures Contracts and options on Oil Futures Contracts when USO issues shares as a result of a Creation Basket, as well as fees incurred when selling Oil Futures Contracts and options on Oil Futures Contracts when USO redeems shares as a result of a Redemption Basket. Such fees are also incurred when Oil Futures Contracts and options on Oil Futures Contracts are purchased or redeemed for the purpose of rebalancing the portfolio. USO also incurs commissions to brokers for the purchase and sale of Oil Futures Contracts, Other Oil-Related Investments or short-term obligations of the United States of two years or less (“Treasuries”). For the Year Ended For the Year Ended For the Year Ended December 31, 2019 December 31, 2018 December 31, 2017 Total commissions accrued to brokers $ 2,423,017 $ 2,538,611 $ 4,675,687 Total commissions as annualized percentage of average total net assets 0.17 % 0.14 % 0.18 % Commissions accrued as a result of rebalancing $ 2,052,263 $ 2,145,268 $ 4,112,340 Percentage of commissions accrued as a result of rebalancing 84.70 % 84.51 % 87.95 % Commissions accrued as a result of creation and redemption activity $ 370,754 $ 393,343 $ 563,347 Percentage of commissions accrued as a result of creation and redemption activity 15.30 % 15.49 % 12.05 % The decrease in total commissions accrued to brokers for the year ended December 31, 2019, compared to the year ended December 31, 2018, was due primarily to a lower number of crude oil futures contracts being held and traded. The decrease in total commissions accrued to brokers for the year ended December 31, 2018, compared to the year ended December 31, 2017, was due primarily to lower number of futures contracts being held and traded. However, there can be no assurance that commission costs and portfolio turnover will not cause commission expenses to rise in future quarters. NYMEX Licensing Agreement USO and the NYMEX entered into a licensing agreement on April 10, 2006, as amended on October 20, 2011, whereby USO was granted a non-exclusive license to use certain of the NYMEX’s settlement prices and service marks. Under the licensing agreement, USO and the Related Public Funds, other than BNO, USCI, CPER, USOU and USOD, pay the NYMEX an asset-based fee for the license, the terms of which are described in Note 3. USO expressly disclaims any association with the NYMEX or endorsement of USO by the NYMEX and acknowledges that “NYMEX” and “New York Mercantile Exchange” are registered trademarks of the NYMEX.

FINANCIAL INSTRUMENTS, OFF-BALA

FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2019
FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES
FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES	NOTE 5 — FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES USO may engage in the trading of futures contracts, options on futures contracts, cleared swaps and OTC swaps (collectively, “derivatives”). USO is exposed to both market risk, which is the risk arising from changes in the market value of the contracts, and credit risk, which is the risk of failure by another party to perform according to the terms of a contract. USO may enter into futures contracts, options on futures contracts and cleared swaps to gain exposure to changes in the value of an underlying commodity. A futures contract obligates the seller to deliver (and the purchaser to accept) the future delivery of a specified quantity and type of a commodity at a specified time and place. Some futures contracts may call for physical delivery of the asset, while others are settled in cash. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery. Cleared swaps are agreements that are eligible to be cleared by a clearinghouse, e.g., ICE Clear Europe, and provide the efficiencies and benefits that centralized clearing on an exchange offers to traders of futures contracts, including credit risk intermediation and the ability to offset positions initiated with different counterparties. The purchase and sale of futures contracts, options on futures contracts and cleared swaps require margin deposits with an FCM. Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities. Futures contracts, options on futures contracts and cleared swaps involve, to varying degrees, elements of market risk (specifically commodity price risk) and exposure to loss in excess of the amount of variation margin. The face or contract amounts reflect the extent of the total exposure USO has in the particular classes of instruments. Additional risks associated with the use of futures contracts are an imperfect correlation between movements in the price of the futures contracts and the market value of the underlying securities and the possibility of an illiquid market for a futures contract. Buying and selling options on futures contracts exposes investors to the risks of purchasing or selling futures contracts. All of the futures contracts held by USO through December 31, 2019 were exchange-traded. The risks associated with exchange-traded contracts are generally perceived to be less than those associated with OTC swaps since, in OTC swaps, a party must rely solely on the credit of its respective individual counterparties. However, in the future, if USO were to enter into non-exchange traded contracts, it would be subject to the credit risk associated with counterparty non-performance. The credit risk from counterparty non-performance associated with such instruments is the net unrealized gain, if any, on the transaction. USO has credit risk under its futures contracts since the sole counterparty to all domestic and foreign futures contracts is the clearinghouse for the exchange on which the relevant contracts are traded. In addition, USO bears the risk of financial failure by the clearing broker. USO’s cash and other property, such as Treasuries, deposited with an FCM are considered commingled with all other customer funds, subject to the FCM’s segregation requirements. In the event of an FCM’s insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than the total of cash and other property deposited. The insolvency of an FCM could result in the complete loss of USO’s assets posted with that FCM; however, the majority of USO’s assets are held in investments in Treasuries, cash and/or cash equivalents with USO’s custodian and would not be impacted by the insolvency of an FCM. The failure or insolvency of USO’s custodian, however, could result in a substantial loss of USO’s assets. USCF invests a portion of USO’s cash in money market funds that seek to maintain a stable per share NAV. USO is exposed to any risk of loss associated with an investment in such money market funds. As of December 31, 2019 and December 31, 2018, USO held investments in money market funds in the amounts of $20,000,000 and $52,000,000, respectively. USO also holds cash deposits with its custodian. Pursuant to a written agreement with BBH&Co., uninvested overnight cash balances are swept to offshore branches of U.S. regulated and domiciled banks located in Toronto, Canada; London, United Kingdom; Grand Cayman, Cayman Islands; and Nassau, Bahamas; which are subject to U.S. regulation and regulatory oversight. As of December 31, 2019 and December 31, 2018, USO held cash deposits and investments in Treasuries in the amounts of $1,156,245,411 and $1,604,935,976, respectively, with the custodian and FCM. Some or all of these amounts may be subject to loss should USO’s custodian and/or FCM cease operations. For derivatives, risks arise from changes in the market value of the contracts. Theoretically, USO is exposed to market risk equal to the value of futures contracts purchased and unlimited liability on such contracts sold short. As both a buyer and a seller of options, USO pays or receives a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. USO’s policy is to continuously monitor its exposure to market and counterparty risk through the use of a variety of financial, position and credit exposure reporting controls and procedures. In addition, USO has a policy of requiring review of the credit standing of each broker or counterparty with which it conducts business. The financial instruments held by USO are reported in its statements of financial condition at market or fair value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturity.

FINANCIAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS	12 Months Ended
FINANCIAL HIGHLIGHTS	Dec. 31, 2019
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS	NOTE 6 — FINANCIAL HIGHLIGHTS The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2019, 2018 and 2017 for the shareholders. This information has been derived from information presented in the financial statements. Year ended December Year ended December Year ended December 31, 2019 31, 2018 31, 2017 Per Share Operating Performance: Net asset value, beginning of year $ 9.59 $ 12.08 $ 11.71 Total income (loss) 3.28 (2.39) 0.45 Total expenses (0.09) (0.10) (0.08) Net increase (decrease) in net asset value 3.19 (2.49) 0.37 Net asset value, end of year $ 12.78 $ 9.59 $ 12.08 Total Return 33.26 % (20.61) % 3.16 % Ratios to Average Net Assets Total income (loss) 33.77 % (15.36) % 3.75 % Management fees 0.45 % 0.45 % 0.45 % Expenses excluding management fees 0.34 % 0.28 % 0.31 % Net income (loss) 32.97 % (16.09) % 2.99 % Total returns are calculated based on the change in value during the period. An individual shareholder’s total return and ratio may vary from the above total returns and ratios based on the timing of contributions to and withdrawals from USO.

QUARTERLY FINANCIAL DATA (Unaud

QUARTERLY FINANCIAL DATA (Unaudited)	12 Months Ended
QUARTERLY FINANCIAL DATA (Unaudited)	Dec. 31, 2019
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited)	NOTE 7 - QUARTERLY FINANCIAL DATA (Unaudited) The following summarized (unaudited) quarterly financial information presents the results of operations and other data for three-month periods ended March 31, June 30, September 30 and December 31, 2019 and 2018. First Second Third Fourth Quarter Quarter Quarter Quarter 2019 2019 2019 2019 Total Income (Loss) $ 424,069,433 $ (22,663,248) $ (80,441,230) $ 163,870,029 Total Expenses 3,171,765 2,930,288 2,777,247 2,499,980 Net Income (Loss) $ 420,897,668 $ (25,593,536) $ (83,218,477) $ 161,370,049 Net Income (Loss) per Share $ 2.91 $ (0.37) $ (0.85) $ 1.50 First Second Third Fourth Quarter Quarter Quarter Quarter 2018 2018 2018 2018 Total Income (Loss) $ 174,518,482 $ 256,619,443 $ 51,601,604 $ (760,851,950) Total Expenses 3,620,608 3,391,637 3,117,304 3,032,675 Net Income (Loss) $ 170,897,874 $ 253,227,806 $ 48,484,300 $ (763,884,625) Net Income (Loss) per Share $ 1.02 $ 1.92 $ 0.45 $ (5.88)

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Dec. 31, 2019
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 8 — FAIR VALUE OF FINANCIAL INSTRUMENTS USO values its investments in accordance with Accounting Standards Codification 820 – Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurement. The changes to past practice resulting from the application of ASC 820 relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurement. ASC 820 establishes a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of USO (observable inputs) and (2) USO’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the ASC 820 hierarchy are as follows: Level I – Quoted prices (unadjusted) in active markets for identical Level II – Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level II assets include the following: quoted prices for similar Level III – Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available. In some instances, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety. 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 — — During the year ended December 31, 2019, there were no transfers between Level I The following table summarizes the valuation of USO’s securities at December 31, 2018 using the fair value hierarchy: At December 31, 2018 Total Level I Level II Level III Short-Term Investments $ 1,334,416,220 $ 1,334,416,220 $ — $ — Exchange-Traded Futures Contracts United States Contracts (194,392,958) (194,392,958) — — During the year ended December 31, 2018, there were no transfers between Level I Effective January 1, 2009, USO adopted the provisions of Accounting Standards Codification 815 — Derivatives and Hedging, which require presentation of qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts and gains and losses on derivatives. Fair Value of Derivative Instruments Derivatives not Accounted for Fair Value Fair Value as Hedging Statements of Financial At December 31, At December 31, Instruments Condition Location 2019 2018 Futures - Commodity Contracts Assets $ 37,520,567 $ (194,392,958) The Effect of Derivative Instruments on the Statements of Operations For the year ended For the year ended For the year ended December 31, 2019 December 31, 2018 December 31, 2017 Change in Change in Change in Derivatives Location of Realized Unrealized Realized Unrealized Realized Unrealized not Accounted Gain (Loss) Gain (Loss) Gain (Loss) on Gain (Loss) Gain (Loss) on Gain (Loss) Gain (Loss) on for as on Derivatives on Derivatives Derivatives on Derivatives Derivatives on Derivatives Derivatives 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 $ 220,179,889 $ 1,603,334 $ 70,673,279 Change in unrealized gain (loss) on open positions $ 231,913,525 $ (312,173,308) $ 6,489,790

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	12 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Dec. 31, 2019
Recent Accounting Pronouncements
Recent Accounting Pronouncements	NOTE 9 - RECENT ACCOUNTING PRONOUNCEMENTS In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Funds’ policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Fund has evaluated the implications of certain provisions of the ASU and has determined that there will be no material impacts to the financial statements.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2019
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 10 — SUBSEQUENT EVENTS USO has performed an evaluation of subsequent events through the date the financial statements were issued. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") as detailed in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification. USO is an investment company and follows the accounting and reporting guidance in FASB Topic 946.
Revenue Recognition	Revenue Recognition Commodity futures contracts, forward contracts, physical commodities and related options are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized gains or losses on open contracts are reflected in the statements of financial condition and represent the difference between the original contract amount and the market value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical commodities, and their related options) as of the last business day of the year or as of the last date of the financial statements. Changes in the unrealized gains or losses between periods are reflected in the statements of operations. USO earns income on funds held at the custodian or a futures commission merchant (“FCM”) at prevailing market rates earned on such investments.
Brokerage Commissions	Brokerage Commissions Brokerage commissions on all open commodity futures contracts are accrued on a full-turn basis.
Income Taxes	Income Taxes USO is not subject to federal income taxes; each partner reports his/her allocable share of income, gain, loss deductions or credits on his/her own income tax return. In accordance with U.S. GAAP, USO is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any tax related appeals or litigation processes, based on the technical merits of the position. USO files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states. USO is not subject to income tax return examinations by major taxing authorities for years before 2016. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in USO recording a tax liability that reduces net assets. However, USO’s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analysis of and changes to tax laws, regulations and interpretations thereof. USO recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the year ended December 31, 2019.
Creations and Redemptions	Creations and Redemptions Authorized Participants may purchase Creation Baskets or redeem Redemption Baskets only in blocks of 100,000 shares at a price equal to the NAV of the shares calculated shortly after the close of the core trading session on the NYSE Arca on the day the order is placed. USO receives or pays the proceeds from shares sold or redeemed within two business days after the trade date of the purchase or redemption. The amounts due from Authorized Participants are reflected in USO’s statements of financial condition as receivable for shares sold and amounts payable to Authorized Participants upon redemption are reflected as payable for shares redeemed. Authorized Participants pay USO a $1,000 transaction fee for each order placed to create one or more Creation Baskets or to redeem one or more Redemption Baskets.
Partnership Capital and Allocation of Partnership Income and Losses	Partnership Capital and Allocation of Partnership Income and Losses Profit or loss shall be allocated among the partners of USO in proportion to the number of shares each partner holds as of the close of each month. USCF may revise, alter or otherwise modify this method of allocation as described in the LP Agreement .
Calculation of Per Share NAV	Calculation of Per Share NAV USO’s per share NAV is calculated on each NYSE Arca trading day by taking the current market value of its total assets, subtracting any liabilities and dividing that amount by the total number of shares outstanding. USO uses the closing price for the contracts on the relevant exchange on that day to determine the value of contracts held on such exchange.
Net Income (Loss) Per Share	Net Income (Loss) Per Share Net income (loss) per share is the difference between the per share NAV at the beginning of each period and at the end of each period. The weighted average number of shares outstanding was computed for purposes of disclosing net income (loss) per weighted average share. The weighted average shares are equal to the number of shares outstanding at the end of the period, adjusted proportionately for shares added and redeemed based on the amount of time the shares were outstanding during such period. There were no shares held by USCF at December 31, 2019.
Offering Costs	Offering Costs Offering costs incurred in connection with the registration of additional shares after the initial registration of shares are borne by USO. These costs include registration fees paid to regulatory agencies and all legal, accounting, printing and other expenses associated with such offerings. These costs are accounted for as a deferred charge and thereafter amortized to expense over twelve months on a straight-line basis or a shorter period if warranted.
Cash Equivalents	Cash Equivalents Cash equivalents include money market funds and overnight deposits or time deposits with original maturity dates of six months or less.
Reclassification	Reclassification Certain amounts in the accompanying financial statements were reclassified to conform to the current presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires USCF to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results may differ from those estimates and assumptions.

CONTRACTS AND AGREEMENTS (Table

CONTRACTS AND AGREEMENTS (Tables)	12 Months Ended
CONTRACTS AND AGREEMENTS (Tables)	Dec. 31, 2019
CONTRACTS AND AGREEMENTS
Brokerage Commission	For the Year Ended For the Year Ended For the Year Ended December 31, 2019 December 31, 2018 December 31, 2017 Total commissions accrued to brokers $ 2,423,017 $ 2,538,611 $ 4,675,687 Total commissions as annualized percentage of average total net assets 0.17 % 0.14 % 0.18 % Commissions accrued as a result of rebalancing $ 2,052,263 $ 2,145,268 $ 4,112,340 Percentage of commissions accrued as a result of rebalancing 84.70 % 84.51 % 87.95 % Commissions accrued as a result of creation and redemption activity $ 370,754 $ 393,343 $ 563,347 Percentage of commissions accrued as a result of creation and redemption activity 15.30 % 15.49 % 12.05 %

FINANCIAL HIGHLIGHTS (Tables)

FINANCIAL HIGHLIGHTS (Tables)	12 Months Ended
FINANCIAL HIGHLIGHTS (Tables)	Dec. 31, 2019
FINANCIAL HIGHLIGHTS
Per Unit Performance Data And Other Supplemental Financial Data	The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2019, 2018 and 2017 for the shareholders. This information has been derived from information presented in the financial statements. Year ended December Year ended December Year ended December 31, 2019 31, 2018 31, 2017 Per Share Operating Performance: Net asset value, beginning of year $ 9.59 $ 12.08 $ 11.71 Total income (loss) 3.28 (2.39) 0.45 Total expenses (0.09) (0.10) (0.08) Net increase (decrease) in net asset value 3.19 (2.49) 0.37 Net asset value, end of year $ 12.78 $ 9.59 $ 12.08 Total Return 33.26 % (20.61) % 3.16 % Ratios to Average Net Assets Total income (loss) 33.77 % (15.36) % 3.75 % Management fees 0.45 % 0.45 % 0.45 % Expenses excluding management fees 0.34 % 0.28 % 0.31 % Net income (loss) 32.97 % (16.09) % 2.99 %

QUARTERLY FINANCIAL DATA (Una_2

QUARTERLY FINANCIAL DATA (Unaudited) (Tables)	12 Months Ended
QUARTERLY FINANCIAL DATA (Unaudited) (Tables)	Dec. 31, 2019
Quarterly Financial Data (Unaudited)
Summarized (unaudited) quarterly financial information	The following summarized (unaudited) quarterly financial information presents the results of operations and other data for three-month periods ended March 31, June 30, September 30 and December 31, 2019 and 2018. First Second Third Fourth Quarter Quarter Quarter Quarter 2019 2019 2019 2019 Total Income (Loss) $ 424,069,433 $ (22,663,248) $ (80,441,230) $ 163,870,029 Total Expenses 3,171,765 2,930,288 2,777,247 2,499,980 Net Income (Loss) $ 420,897,668 $ (25,593,536) $ (83,218,477) $ 161,370,049 Net Income (Loss) per Share $ 2.91 $ (0.37) $ (0.85) $ 1.50 First Second Third Fourth Quarter Quarter Quarter Quarter 2018 2018 2018 2018 Total Income (Loss) $ 174,518,482 $ 256,619,443 $ 51,601,604 $ (760,851,950) Total Expenses 3,620,608 3,391,637 3,117,304 3,032,675 Net Income (Loss) $ 170,897,874 $ 253,227,806 $ 48,484,300 $ (763,884,625) Net Income (Loss) per Share $ 1.02 $ 1.92 $ 0.45 $ (5.88)

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	Dec. 31, 2019
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, 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 — — During the year ended December 31, 2019, there were no transfers between Level I The following table summarizes the valuation of USO’s securities at December 31, 2018 using the fair value hierarchy: At December 31, 2018 Total Level I Level II Level III Short-Term Investments $ 1,334,416,220 $ 1,334,416,220 $ — $ — Exchange-Traded Futures Contracts United States Contracts (194,392,958) (194,392,958) — —
Fair Value of Derivative Instruments	Derivatives not Accounted for Fair Value Fair Value as Hedging Statements of Financial At December 31, At December 31, Instruments Condition Location 2019 2018 Futures - Commodity Contracts Assets $ 37,520,567 $ (194,392,958)
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, 2019 December 31, 2018 December 31, 2017 Change in Change in Change in Derivatives Location of Realized Unrealized Realized Unrealized Realized Unrealized not Accounted Gain (Loss) Gain (Loss) Gain (Loss) on Gain (Loss) Gain (Loss) on Gain (Loss) Gain (Loss) on for as on Derivatives on Derivatives Derivatives on Derivatives Derivatives on Derivatives Derivatives 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 $ 220,179,889 $ 1,603,334 $ 70,673,279 Change in unrealized gain (loss) on open positions $ 231,913,525 $ (312,173,308) $ 6,489,790

ORGANIZATION AND BUSINESS (Deta

ORGANIZATION AND BUSINESS (Details)	1 Months Ended
ORGANIZATION AND BUSINESS (Details)	Apr. 10, 2006USD ($)$ / sharesshares	Dec. 31, 2019$ / shares$ / itemshares	Dec. 31, 2018$ / shares	Dec. 31, 2017$ / shares	Dec. 31, 2016$ / shares
Organization, Consolidation and Presentation of Financial Statements Disclosure
Fee paid by Authorized Purchasers for each order placed to create one or more Creation Baskets or to redeem one or more baskets \| $ / item		1,000
Limited Partners' Capital Account, Units Authorized	17,000,000	3,227,000,000
Net asset value per unit \| $ / shares	$ 67.39	$ 12.78	$ 9.59	$ 12.08	$ 11.71
Limited Partners' Capital Account, Units Issued	200,000
Value of units issued \| $	$ 13,479,000
Creation Baskets
Organization, Consolidation and Presentation of Financial Statements Disclosure
Number of units per basket		100,000
Redemption Baskets
Organization, Consolidation and Presentation of Financial Statements Disclosure
Number of units per basket		100,000
Open Futures Contracts- Long \| United States Contracts \| NYMEX WTI Crude Oil Futures CL February 2020 contracts, expiring January 2020
Organization, Consolidation and Presentation of Financial Statements Disclosure
Number of Contracts		19,178

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Dec. 31, 2019USD ($)$ / itemshares
Significant Accounting Policies
Interest expense or penalties \| $	$ 0
Fee paid by Authorized Purchasers for each order placed to create one or more Creation Baskets or to redeem one or more baskets \| $ / item	1,000
USCF
Significant Accounting Policies
Weighted Average Number of Shares Outstanding	0
Redemption Baskets
Significant Accounting Policies
Number of units per basket	100,000

FEES PAID BY THE FUND AND REL_2

FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fees Paid And Related Party Transactions
Ongoing Registration Fees and Other Offering Expenses	$ 504,876	$ 349,290	$ 348,425
Fees and expenses	333,741	316,185	357,844
Licensing fee incurred	215,376	271,572	396,719
Investor tax reporting cost	1,440,997	1,500,000	2,200,000
USO And Related Public Funds
Fees Paid And Related Party Transactions
Fees and expenses	$ 556,951	521,689	536,375
USCF
Fees Paid And Related Party Transactions
USCF Management Fee	0.45%
USO
Fees Paid And Related Party Transactions
Ongoing Registration Fees and Other Offering Expenses	$ 504,876	349,290	348,425
Fees and expenses	333,741	316,185	357,844
Licensing fee incurred	$ 215,376	$ 271,572	$ 396,719
Licensing Agreements
Fees Paid And Related Party Transactions
Fee percentage	0.015%

CONTRACTS AND AGREEMENTS (Detai

CONTRACTS AND AGREEMENTS (Details)	12 Months Ended
CONTRACTS AND AGREEMENTS (Details)	Dec. 31, 2019USD ($)$ / item
Long-Duration Contracts, Assumptions by Product and Guarantee
Annual fee for custody, fund accounting and fund administration services	$ 75,000
Marketing Agreement
Long-Duration Contracts, Assumptions by Product and Guarantee
Marketing fee exclusive of the incentive fee	$ 425,000
Marketing Agreement \| USOF's assets from $0- $500 million
Long-Duration Contracts, Assumptions by Product and Guarantee
Fee percentage	0.00%
Marketing Agreement \| USOF's assets from $0- $500 million \| Minimum
Long-Duration Contracts, Assumptions by Product and Guarantee
Base amount for determining fee percentage	$ 0
Marketing Agreement \| USOF's assets from $0- $500 million \| Maximum
Long-Duration Contracts, Assumptions by Product and Guarantee
Base amount for determining fee percentage	$ 500,000,000
Marketing Agreement \| USOF's assets from $500 million - $4 billion
Long-Duration Contracts, Assumptions by Product and Guarantee
Fee percentage	0.04%
Marketing Agreement \| USOF's assets from $500 million - $4 billion \| Minimum
Long-Duration Contracts, Assumptions by Product and Guarantee
Base amount for determining fee percentage	$ 500,000,000
Marketing Agreement \| USOF's assets from $500 million - $4 billion \| Maximum
Long-Duration Contracts, Assumptions by Product and Guarantee
Base amount for determining fee percentage	$ 4,000,000,000
Marketing Agreement \| USOF's assets in excess of $4 billion
Long-Duration Contracts, Assumptions by Product and Guarantee
Fee percentage	0.03%
Ratio of expense to Average Net Assets	10.00%
Marketing Agreement \| USOF's assets in excess of $4 billion \| Minimum
Long-Duration Contracts, Assumptions by Product and Guarantee
Base amount for determining fee percentage	$ 4,000,000,000
Brown Brothers Harriman & Co. Agreements
Long-Duration Contracts, Assumptions by Product and Guarantee
Annual fee for transfer agency services	20,000
Brown Brothers Harriman & Co. Agreements \| Minimum
Long-Duration Contracts, Assumptions by Product and Guarantee
Annual fee for custody, fund accounting and fund administration services	$ 75,000
Transaction fees per transaction \| $ / item	7
Brown Brothers Harriman & Co. Agreements \| Maximum
Long-Duration Contracts, Assumptions by Product and Guarantee
Transaction fees per transaction \| $ / item	15
Brown Brothers Harriman & Co. Agreements \| First $500 million of USOF's, USNG's, US12OF's, UGA's, USDHO's, USSO's, US12NG's, USBO's, USCI's, CPER's, USAG's and USMI's combined net assets
Long-Duration Contracts, Assumptions by Product and Guarantee
Fee percentage	0.06%
Base amount for determining fee percentage	$ 500,000,000
Brown Brothers Harriman & Co. Agreements \| USOF's, USNG's, US12OF's, UGA's, USDHO's, USSO's, US12NG's, USBO's, USCI's, CPER's, USAG's and USMI's combined net assets greater than $500 million but less than $1 billion
Long-Duration Contracts, Assumptions by Product and Guarantee
Fee percentage	0.0465%
Brown Brothers Harriman & Co. Agreements \| USOF's, USNG's, US12OF's, UGA's, USDHO's, USSO's, US12NG's, USBO's, USCI's, CPER's, USAG's and USMI's combined net assets greater than $500 million but less than $1 billion \| Minimum
Long-Duration Contracts, Assumptions by Product and Guarantee
Base amount for determining fee percentage	$ 500,000,000
Brown Brothers Harriman & Co. Agreements \| USOF's, USNG's, US12OF's, UGA's, USDHO's, USSO's, US12NG's, USBO's, USCI's, CPER's, USAG's and USMI's combined net assets greater than $500 million but less than $1 billion \| Maximum
Long-Duration Contracts, Assumptions by Product and Guarantee
Base amount for determining fee percentage	$ 1,000,000,000
Brown Brothers Harriman & Co. Agreements \| USOF's, USNG's, US12OF's, UGA's, USDHO's, USSO's, US12NG's, USBO's, USCI's, CPER's, USAG's and USMI's combined net assets exceed $1 billion
Long-Duration Contracts, Assumptions by Product and Guarantee
Fee percentage	0.035%
Base amount for determining fee percentage	$ 1,000,000,000
Brokerage and Futures Commission Merchant Agreements \| Minimum
Long-Duration Contracts, Assumptions by Product and Guarantee
Commissions per round-turn trade, including applicable exchange and NFA fees for Oil Futures Contracts and options on Oil Futures Contracts \| $ / item	7
Brokerage and Futures Commission Merchant Agreements \| Maximum
Long-Duration Contracts, Assumptions by Product and Guarantee
Commissions per round-turn trade, including applicable exchange and NFA fees for Oil Futures Contracts and options on Oil Futures Contracts \| $ / item	8

CONTRACTS AND AGREEMENTS -Broke

CONTRACTS AND AGREEMENTS -Brokerage Commission (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Brokerage commissions	$ 2,423,017	$ 2,538,611	$ 4,675,687
Commission
Brokerage commissions	$ 2,423,017	$ 2,538,611	$ 4,675,687
Percentage of average daily net assets	0.17%	0.14%	0.18%
Rebalancing Investments Transaction
Brokerage commissions	$ 2,052,263	$ 2,145,268	$ 4,112,340
Percentage of average daily net assets	84.70%	84.51%	87.95%
Creation And Redemption Activity
Brokerage commissions	$ 370,754	$ 393,343	$ 563,347
Percentage of average daily net assets	15.30%	15.49%	12.05%

FINANCIAL INSTRUMENTS, OFF-BA_2

FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
United States Money Market Funds
Loss Contingencies
Deposits in domestic and foreign financial institutions, including cash investments in money market funds	$ 20,000,000	$ 52,000,000
United States Treasury Obligations
Loss Contingencies
Deposits in domestic and foreign financial institutions, including cash investments in money market funds	$ 1,156,245,411	$ 1,604,935,976

FINANCIAL HIGHLIGHTS (Details)

FINANCIAL HIGHLIGHTS (Details) - $ / shares	12 Months Ended
FINANCIAL HIGHLIGHTS (Details) - $ / shares	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Per Share Operating Performance:
Net asset value, beginning of year	$ 9.59	$ 12.08	$ 11.71
Total income (loss)	3.28	(2.39)	0.45
Total expenses	(0.09)	(0.10)	(0.08)
Net increase (decrease) in net asset value	3.19	(2.49)	0.37
Net asset value, end of year	$ 12.78	$ 9.59	$ 12.08
Total Return	33.26%	(20.61%)	3.16%
Ratios to Average Net Assets
Total income (loss)	33.77%	(15.36%)	3.75%
Management fees	0.45%	0.45%	0.45%
Expenses excluding management fees	0.34%	0.28%	0.31%
Net income (loss)	32.97%	(16.09%)	2.99%

QUARTERLY FINANCIAL DATA (Una_3

QUARTERLY FINANCIAL DATA (Unaudited) (Detail) - USD ($)	3 Months Ended								12 Months Ended
QUARTERLY FINANCIAL DATA (Unaudited) (Detail) - USD ($)	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Data (Unaudited)
Total Income (Loss)	$ 163,870,029	$ (80,441,230)	$ (22,663,248)	$ 424,069,433	$ (760,851,950)	$ 51,601,604	$ 256,619,443	$ 174,518,482	$ 484,834,984	$ (278,112,421)	$ 99,090,063
Total Expenses	2,499,980	2,777,247	2,930,288	3,171,765	3,032,675	3,117,304	3,391,637	3,620,608	11,379,280	13,162,224	20,117,666
Net income (loss)	$ 161,370,049	$ (83,218,477)	$ (25,593,536)	$ 420,897,668	$ (763,884,625)	$ 48,484,300	$ 253,227,806	$ 170,897,874	$ 473,455,704	$ (291,274,645)	$ 78,972,397
Net Income (Loss) per Share	$ 1.50	$ (0.85)	$ (0.37)	$ 2.91	$ (5.88)	$ 0.45	$ 1.92	$ 1.02	$ 3.19	$ (2.49)	$ 0.37

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Valuation of Securities Using Fair Value Hierarchy (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Schedule of Trading Securities and Other Trading Assets
transfers between Level I and Level II.	$ 0	$ 0
transfers between Level II and Level I.	0	0
Short-Term Investments
Schedule of Trading Securities and Other Trading Assets
Securities, fair value	1,175,542,347	1,334,416,220
United States Contracts \| Exchange-Traded Futures Contracts
Schedule of Trading Securities and Other Trading Assets
Securities, fair value	37,520,567	(194,392,958)
Fair Value, Inputs, Level 1 \| Short-Term Investments
Schedule of Trading Securities and Other Trading Assets
Securities, fair value	1,175,542,347	1,334,416,220
Fair Value, Inputs, Level 1 \| United States Contracts \| Exchange-Traded Futures Contracts
Schedule of Trading Securities and Other Trading Assets
Securities, fair value	37,520,567	(194,392,958)
Fair Value, Inputs, Level 2 \| Short-Term Investments
Schedule of Trading Securities and Other Trading Assets
Securities, fair value	0	0
Fair Value, Inputs, Level 2 \| United States Contracts \| Exchange-Traded Futures Contracts
Schedule of Trading Securities and Other Trading Assets
Securities, fair value	0	0
Fair Value, Inputs, Level 3 \| Short-Term Investments
Schedule of Trading Securities and Other Trading Assets
Securities, fair value	0	0
Fair Value, Inputs, Level 3 \| United States Contracts \| Exchange-Traded Futures Contracts
Schedule of Trading Securities and Other Trading Assets
Securities, fair value	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value of Derivative Instruments (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
FAIR VALUE OF FINANCIAL INSTRUMENTS
Derivatives not Accounted for as Hedging Instruments	$ 37,520,567	$ (194,392,958)

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Effect of Derivative Instruments on Statements of Operations (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments, Gain (Loss)
Change in Unrealized Gain (Loss) on Derivatives Recognized in Income	$ 231,913,525	$ (312,173,308)	$ 6,489,790
Commodity Contracts \| Realized gain (loss) on closed positions
Derivative Instruments, Gain (Loss)
Realized Gain (Loss) on Derivatives Recognized in Income	220,179,889	1,603,334	70,673,279
Commodity Contracts \| Change in unrealized gain (loss) on open positions
Derivative Instruments, Gain (Loss)
Change in Unrealized Gain (Loss) on Derivatives Recognized in Income	$ 231,913,525	$ (312,173,308)	$ 6,489,790