While the question is: Will OPEC stick to its reduced output targets. Mean while the option market is saying something else. Look at OIV (the oil VIX):
While VIX is low and the futures are only trading at a semi normal premium option volatilty in VIX has exploded again:
The best bet for hedging is probalby now VIX call spread and not backspreads anymore. That said, this spike might disapate as soon as NDX stops tanking.
Take a look at VIX its back below 13, take a look at VVIX its near 85 again. Take a look at the Dec and Jan futures, they appear to be trading at a normal spread relative to cash: