Item 8.01. Other Events.
United States Oil Fund, LP (“USO”), a Delaware
limited partnership, announced previously in a Form 8-K filed on April 17, 2020 that commencing on April 17, 2020 and until further
notice and market conditions and regulatory conditions permit otherwise, USO would invest approximately 80% of its portfolio in
crude oil futures contracts on the NYMEX and ICE Futures in the front month contract and approximately 20% of its portfolio in
crude oil futures contracts on the NYMEX and ICE Futures in the second month contract, except when the front month contract is
within two weeks of expiration, in which case the futures contracts held by USO will be rolled into the second month contract and
third month contract.
Commencing on April 21, 2020, because of extraordinary market
conditions in the crude oil markets, including super contango, USO has invested in other permitted investments, as described below
and in its prospectus. In particular, on April 21, 2020, USO invested in approximately 40% of its portfolio in crude oil futures
contracts on the NYMEX and ICE Futures in the June contract, approximately 55% of its portfolio in crude oil futures contracts
on the NYMEX and ICE Futures in the July contract and approximately 5% of its portfolio in crude oil futures contracts on the NYMEX
and ICE Futures in the August contract, except when the front month contract is within two weeks of expiration, in which case the
futures contracts held by USO will be rolled into the July contract, August contract and September contract.
In addition, commencing on April 22, 2020, USO in response to ongoing extraordinary market conditions in the crude oil markets,
including super contango, may invest in the above described crude oil futures contracts on the NYMEX and ICE Futures in any month
available or in varying percentages or invest in any other of the permitted investments described below and in its prospectus,
without further disclosure. USO intends to attempt to continue tracking USO’s benchmark as closely as possible, however significant
tracking deviations may occur above and beyond the differences described herein. USO’s portfolio holdings as of the end of
the prior business day are posted each day on the website: www.uscfinvestments.com/uso.
As stated in the prospectus for USO, USO seeks to achieve
its investment objective by investing primarily in futures contracts for light, sweet crude oil, other types of crude oil, diesel-heating
oil, gasoline, natural gas, and other petroleum-based fuels that are traded on the NYMEX, ICE Futures Europe and ICE Futures U.S.
(together, “ICE Futures”) or other U.S. and foreign exchanges (collectively, “Oil Futures Contracts”) and
to a lesser extent, in order to comply with regulatory requirements or in view of market conditions, other oil-related investments
such as cash-settled options on Oil Futures Contracts, forward contracts for oil, cleared swap contracts and non-exchange traded
(“over-the-counter” or “OTC”) transactions that are based on the price of oil, other petroleum-based fuels,
Oil Futures Contracts and indices based on the foregoing (collectively, “Other Oil Related Investments”). Market conditions
that USCF currently anticipates could cause USO to invest in Other Oil-Related Investments include those allowing USO to obtain
greater liquidity or to execute transactions with more favorable pricing. (For convenience and unless otherwise specified, Oil
Futures Contracts and Other Oil-Related Investments collectively are referred to as “Oil Interests” in the prospectus.)
The foregoing may impact the performance of USO. In
addition, as a result of these changes, USO may not be able to track the Benchmark Futures Contract or meet its investment objective,
which is for the daily percentage changes in the NAV per share to reflect the daily percentage changes of the spot price of light,
sweet crude oil, as measured by the daily percentage changes in the price of Benchmark Oil Futures Contract, plus interest earned
on USO’s collateral holdings, less USO’s expenses.
Forward-Looking Statements
This communication contains forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934 that are subject to risks and uncertainties, including, without limitation, statements regarding USO’s expectations.
Statements containing words such as “may,” “will,” “expect,” “anticipate,” “believe,”
“intend,” “plan,” “project,” “should,” “estimate,” “seek”
or any negative or other variations on such expression constitute forward-looking statements. These forward-looking statements
are based on information currently available to USO and are subject to a number of risks, uncertainties and other factors, both
known and unknown, that could cause the actual results, performance, prospects or opportunities of USO to differ materially from
those expressed in, or implied by, these forward-looking statements.