Entry into a Material Definitive



December 3, 2020, the United States Oil Fund, LP (the “Registrant”)

engaged Macquarie Futures USA LLC (“MFUSA”) to serve as an additional futures commission merchant (“FCM’)
for the Registrant.


Customer Agreement between the Registrant and MFUSA (“the Agreement”) requires MFUSA to provide services to the Registrant,
in connection with the purchase and sale of futures contracts that may be purchased or sold
by or through MFUSA for the Registrant’s account. Under the Agreement, the Registrant pays MFUSA commissions for executing
and clearing trades on behalf of the Registrant. As a result, MFUSA will serve as an FCM for the Registrant along with (1) RBC
Capital Markets, LLC, (2) RCG Division of Mare x Spectron, and (3) E D & F Man Capital Markets Inc.


foregoing description of the Agreement is not complete and is qualified in its entirety by reference to the full text of the Agreement,
a form of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.


8.01 Other Events.


Update of Indicative Fund Value Disclosure



Registrant has updated its disclosure of the methodology for calculating the Registrant’s indicative fund value, which is
set forth under the heading “Calculating Per Share NAV” in the Registrant’s prospectus. The amended disclosure
is intended to provide greater detail on the valuation of the Registrant’s investments for purposes of calculating the Registrant’s
indicative fund value.


Update to Legal Proceedings


June 19, 2020, USCF, USO, John P. Love, and Stuart P. Crumbaugh were named as defendants in the Lucas Class Action (the “Initial
Lucas Class Complaint”). The Initial Lucas Class Complaint alleges that, beginning in March 2020, in connection with USO’s
registration and issuance of additional USO shares, USCF, USO, and the other defendants in the Initial Lucas Class Action failed
to disclose to investors in USO certain extraordinary market conditions and the attendant risks that caused the demand for oil
to fall precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war. Plaintiff alleges that
USCF, USO, and the other defendants in the Initial Lucas Class Action possessed inside knowledge about the consequences of these
converging adverse events on USO and did not sufficiently acknowledge them until late April and May 2020, after USO suffered losses
and was allegedly forced to abandon its investment strategy. The Court thereafter consolidated the Initial Lucas Class Action
with two related putative class action complaints and appointed a lead plaintiff. The consolidated class action is pending in
the U.S. District Court for the Southern District of New York under the caption

In re:
United States Oil Fund, LP Securities Litigation


Civil Action No. 1:20-cv-04740. The consolidated class action seeks
to certify a class and award the class compensatory damages at an amount to be determined at trial.


November 30, 2020, the lead plaintiff filed an amended complaint in

In re: United States
Oil Fund, LP Securities Litigation

(the “Amended Lucas Class Complaint”). In addition to amending the Initial
Lucas Class Complaint with respect to the underlying facts, including revising the start of the class period to February 2020,
and adding claims under the Securities Act of 1933, the Amended Lucas Class Complaint added as defendants directors of USCF (Nicholas
D. Gerber, Andrew F Ngim, Robert L. Nguyen, Peter M. Robinson, Gordon L. Ellis, and Malcolm R. Fobes III); marketing agent (ALPS
Distributors, Inc.); and Authorized Participants (ABN Amro, BNP Paribas Securities Corporation, Citadel Securities LLC, Citigroup
Global Markets, Inc., Credit Suisse Securities USA LLC, Deutsche Bank Securities Inc., Goldman Sachs & Company, J.P. Morgan
Securities Inc., Merrill Lynch Professional Clearing Corporation, Morgan Stanley & Company Inc., Nomura Securities International
Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS Securities LLC, and Virtu Financial BD LLC).


USCF, USO, and
the other defendants in

In re: United States Oil Fund, LP Securities Litigation

intend to vigorously contest such claims and move for their dismissal.


Item 9.01
Financial Statements and Exhibits


(d) Exhibits.







Form of Customer Agreement





Pursuant to the
requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.








United States Commodity Funds LLC, its
general partner






December 7, 2020



John P. Love





John P. Love




and Chief Executive Officer, and








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Other recent filings from the company include the following:

United States Oil Fund, Lp Monthly Account Statement - Sept. 28, 2021

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