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10-Q - FORM 10-Q - United States Oil Fund, LPd10q.htm
EX-32.1 - CERTIFICATION OF PEO PURSUANT TO SECTION 906 - United States Oil Fund, LPdex321.htm
EX-31.2 - CERTIFICATION OF PFO PURSUANT TO SECTION 302 - United States Oil Fund, LPdex312.htm
EX-32.2 - CERTIFICATION OF PFO PURSUANT TO SECTION 906 - United States Oil Fund, LPdex322.htm
EXCEL - IDEA: XBRL DOCUMENT - United States Oil Fund, LPFinancial_Report.xls
XML - IDEA: XBRL DOCUMENT - United States Oil Fund, LPR7.htm
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EX-31.1 - CERTIFICATION OF PEO PURSUANT TO SECTION 302 - United States Oil Fund, LPdex311.htm
v2.3.0.11
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
6 Months Ended
Jun. 30, 2011
The Valuation of USOF's Securities Using Fair Value Hierarchy

The following table summarizes the valuation of USOF’s securities at December 31, 2010 using the fair value hierarchy:

 

$1,490,470,515 $1,490,470,515 $1,490,470,515 $1,490,470,515
     Total      Level I      Level II      Level III  

At December 31, 2010

           

Short-Term Investments

   $ 1,490,470,515       $ 1,490,470,515       $ —         $ —     

Exchange-Traded Futures Contracts

           

Foreign Contracts

     22,150,000         22,150,000         —           —     

United States Contracts

     21,810,340         21,810,340         —           —     

During the year ended December 31, 2010, there were no significant transfers between Level I and Level II.

The following table summarizes the valuation of USOF’s securities at June 30, 2011 using the fair value hierarchy:

 

$1,090,661,139 $1,090,661,139 $1,090,661,139 $1,090,661,139
     Total     Level I     Level II      Level III  

At June 30, 2011

         

Short-Term Investments

   $ 1,090,661,139      $ 1,090,661,139      $ —         $ —     

Exchange-Traded Futures Contracts

         

Foreign Contracts

     (32,400,000     (32,400,000     —           —     

United States Contracts

     (26,909,100     (26,909,100     —           —     
Fair Value of Derivative Instruments

Fair Value of Derivative Instruments

 

December 31, 2010 December 31, 2010 December 31, 2010

Derivatives not

Accounted for as

Hedging Instruments

   Condensed
Statement of
Financial
Condition
Location
   Fair Value At
June 30, 2011
     Fair Value At
December 31, 2010
 

Futures - Commodity Contracts

   Assets    $ (59,309,100)       $ 43,960,340   
Effect of Derivative Instruments on the Condensed Statements of Operations

The Effect of Derivative Instruments on the Condensed Statements of Operations

 

          For the six months ended
June 30, 2011
    For the six months ended
June 30, 2010
 

Derivatives not

Accounted for as

Hedging Instruments

  

Location of

Gain or (Loss)

on Derivatives

Recognized in

Income

   Realized
Gain or (Loss)
on Derivatives
Recognized in
Income
     Change in
Unrealized
Gain or (Loss)
Recognized in
Income
    Realized
Gain or (Loss)
on Derivatives
Recognized in
Income
    Change in
Unrealized
Gain or (Loss)
Recognized in
Income
 

Futures - Commodity Contracts

   Realized gain (loss) on closed positions    $ 189,259,000         $ (25,799,460  
   Change in unrealized loss on open positions       $ (103,269,440     $ (181,464,830 )