A couple of things - the fact that OOO is hedged is important...

A couple of things - the fact that OOO is hedged is important because oil is priced in US dollars. As such the strengthening or weakening of the USD v the AUD has no impact on the performance of your investment - that's the whole rationale behind the hedge.

As for the performance of spot oil v crude oil futures that's the whole discussion from that blog post - so long as the cost of the futures roll is less than the rise in the price of oil the performance of the investment will be positive