Note: Yes there is talk over whether or UPL is better to buy, due to contango / backwardation, etc. But for me personally is the better buy due to the fact that the near / medium term forward contracts curve is steadily rising, leaving behind the state of backwardation that saw lose more value on a percentage basis then UPL . Roughly 12%-14% rise in the curve from this years May 15 Exp . to Feb17 2016 Exp . And with selling / purchasing near term contracts, it makes more sense for me to enter a fund rolling over on the month end contracts vs one purchasing contracts farther our in the curve. Once we reach farther our on the curve, I will examine which fund is a better investment. But other than that I'm confidently on oil due to many fundamental factors (To many to write down).
Disclaimer: I do not feel comfortable calling out trades that I will be taking through derivatives due to their level of risk. If you don't have a good understanding of them I suggest you grab yourself some heavy reading and study hard, and test them out in a demo account before going live with them.