perhaps those more informed can correct me, but my uneducated...

perhaps those more informed can correct me, but my uneducated view is that this ETF tracks oil futures and oil spot over the few days was (see https://www.marketindex.com.au/crude-oil):

Oil Spot ......................................OOO asx share price
20.43 (US/bbl) on 20 Apr ...........$4.67 AUD OOO asx share price
12.34 (US/bbl) on 28 Apr ...........$2.51 AUD OOO asx share price
19.83 (US/bbl) on 1 May ............$2.78 AUD OOO asx share price

by all estimates, anyone who invested on 20 Apr or before has lost almost half their money on this if they thought this fund tracked spot prices (which as many have pointed out, it doesn't seem to). So although oil spot is going up, this fund appears to be missing the bounce in the spot price https://www.etfstream.com/news/11244_betashares-ooo-oil-etf-set-to-get-hit-by-contango-and-tracking-error/ .