@RonanC. Assuming OOO stays locked into the rolling 3-month WTI...

@RonanC. Assuming OOO stays locked into the rolling 3-month WTI Futures contract (as it is today), AND remains currency hedged, then OOO will ‘closely’ mirror the rises and falls of the WTI oil price. I say ‘closely’ because it will be minus administrative costs of about 1%, and the pluses/minus of monthly backwardation/contango (which in a relatively normally functioning oil market will be in the plus/minus 5% range annualised).

So, if a year from now WTI Oil is at $30 a barrel, OOO will be about $2.95. If the WTI Oil price is at $50 a barrel then OOO will be at about $5.00.