UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 Entry into a Material Definitive Agreement.
On June 5, 2020, the United States Oil Fund, LP (the “Registrant”) entered into a Customer Agreement (the “Agreement”) with E D & F Man Capital Markets Inc. (“MCM”) to serve as a futures commission merchant (“FCM”) for the Registrant. The Agreement requires MCM to provide services to the Registrant, in connection with the purchase and sale of oil futures contracts and other oil-related investments that may be purchased or sold by or through MCM for the Registrant’s account. Under the Agreement, the Registrant pays MCM commissions for executing and clearing trades on behalf of the Registrant. As a result, MCM will serve as an FCM for the Registrant along with (1) RBC Capital Markets, LLC (“RBC”), which provides such services pursuant to a Futures and Cleared Derivatives Transactions Customer Account Agreement dated as of October 8, 2013, and (2) RCG Division of Marex Spectron (“RCG”), which provides such services pursuant to a Commodity Futures Customer Agreement dated as of May 28, 2020.
The 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.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
|
Exhibit No. |
Description | |
| 10.1 | Form of Customer Agreement |
SIGNATURES
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 OIL FUND, LP | ||
| By: | United States Commodity Funds LLC, its general partner | |
| Date: June 9, 2020 | By: | /s/ John P. Love |
| Name: | John P. Love | |
| Title: | President and Chief Executive Officer | |