The cosmic being known as Oracle (or Oracle of the Timeless) was originaly created by Len Wein and Dick Dillin. He was a powerful cosmic entity who guided the Justice League and the Justice Society to rescue the time lost seven soldiers from pre-crisis earth-2 to save that world from destruction.
After the first multiversal crisis, the character would be forgotten until Grant Morrison' Seven Soldiers of Victory multiseries. Rebranded as Aurakles (presumably to avoid confusion with the then Barbara Gordon nom de guerre), he was retconned into a neanderthal born 42,000 years ago, who was re-modeled by the New Gods to be Earth's first superhero as a Conan like warrior. Armed with super technology, he stood up against the Sheeda but couldn`t save his civilization. They imprisoned him until the Sheeda sold him to Darkseid so they could invade in the present time.
It would be Shilo Norman who freed him from captivity after Aurakles helps him to escape from Desaads trap. Then he went off, to wander trough time and space. A burial for him exist in Mars. The exact circumstances of his demise are unknown, but in the meanwhile is asumed he served as help for Dr. Fate, in the Seven Soldiers case.
After the Flashpoint reboot, Oracle was re-created by Superman writer Scott Lobdell and artist Kenneth Rocafort as a cosmically aware being old as time itself and always present when worlds are going to die. Capable of travel throught time, he would watch over the potential destruction of Earth engineered by H'el. It was established than he was present when Krypton blew up. And for a time he used Superboy as a personal Herald.
When the Convergence events happening on Telos threatened the prime universe (earth-0), Oracle stood too close to the space rift, unaware of the danger that blinded from his precognitive powers. Chronal energy flowing from the planet apparently destroyed him. But he was still conscious yet fragmented. If this was really his end or if he will be capable of reconstitude himself is uncertain.
Convergence writer Jeff King confirmed than new52 Oracle was Aurakles, the pre-Crisis Oracle:
"Aurakles, The Oracle is as old as the Universe. His presence at times of great flux in the time space continuum always signals something momentous is about the happen. He is there to observe, assist if he can. In the past Aurakles used his ability to see through time to help the JLA. So its being in our Universe as Telos threatens to disturb or destroy it, while the Monitors and Darkseid look on felt like a cool choice. Consistent with others we made in this series to use characters from DC's past that might not have been seen in a while."Jeff King, comicbook.com